Houlihan Lokey Advises AdEPT

Houlihan Lokey is pleased to announce that AdEPT Technology Group plc (AdEPT) has been acquired by Wavenet, a portfolio company of the Macquarie Group (Macquarie).

AdEPT is one of the UK’s leading independent providers of managed services for IT, unified communication, connectivity, voice, and cloud services. It deploys products from a number of communications and IT partners to provide solutions tailored to meet the specific requirements of its customers in both the public and private sectors. It was listed on the AIM submarket of the London Stock Exchange in February 2006.

Wavenet was formed in 2000 and acquired by the Macquarie Group in 2021. It is a multi-award-winning provider of telecoms and technology solutions to more than 15,000 business and enterprise customers across the UK. Wavenet is a Premier Certified Cisco Partner, Microsoft Partner, and holds Platinum Partner status with Mitel, Five9, and Silver Peak.

Macquarie Group is listed on the Australian Securities Exchange and has a current market capitalisation in excess of A$70 billion. It is a diversified international provider of investment banking and financial services, with over 19,000 employees in more than 30 countries. Wavenet is backed by Macquarie Principal Finance Pty Ltd., the Macquarie Group’s principal balance sheet investment platform.

The recommended all-cash offer for AdEPT was announced on 8 February 2023 and implemented by means of a scheme of arrangement.

Houlihan Lokey served as the exclusive sell-side advisor to AdEPT and assisted the company throughout the transaction, including with the preparation of marketing materials, buyer outreach, due diligence, and overall process coordination, as well as transaction negotiations. Houlihan Lokey also managed the public company aspects of the transaction, including liaison with the Takeover Panel and the provision of a fair and reasonable opinion.