This is an exciting point in Modern Networks Journey I am looking forward to working with the Horizon Capital team in accelerating the successful growth of the business. I would like to thank the Provantage team for their advice I couldn’t be more impressed with their dedication and professionalism
Provantage Corporate Finance advises Modern Networks, a successful provider of IT Managed Services and Connectivity to the Real Estate and Construction industry in a £40 million investment by Horizon Capital.
Project: Modern Networks
Deal Value: Undisclosed
Buyer: Horizon Private Equity
Modern Networks provides IT Support, connectivity and communications in an easy to consume integrated solution to over 1800 sites across the UK. From its support centre in Hitchin, the business delivers a high quality 24/7 service to users and serves a number of the largest commercial property managers in the UK.
The business has an ambitious growth strategy and the investment from Horizon Capital will enable it to pursue acquisitions alongside its successful organic growth. The business expects to accelerate its growth within the commercial sector and also in adjacent sectors.
Modern Networks was founded by Matthew Reeve who continues as CEO and is joined on the board by experienced Chairman Lee Shorten who was previously UK MD of Avaya and Andy Roberts, who both work with Horizon Capital in another portfolio company Sabio. Managing Director James Tizzard and Finance Director Nikki Sandham complete the team.
Simon Hitchcock, Managing Partner of Horizon Capital said “We are delighted to be working with Matt and his team on this buy and build journey. Modern Networks has delivered impressive organic growth over the past four years and with Lee Shorten and Andy Roberts joining the board together with Horizons proven buy and build model I am confident we will accelerate it through acquisitions.
Sally Saunders, Provantage Corporate Finance, commented: “We are delighted to have advised the shareholders on this transaction. Matt has built a fantastic market-leading business at the forefront of a niche market. Horizon represents an excellent strategic fit for Modern Networks as the £40m deal value includes follow-on funding to support the company’s acquisitions and we wish them every success in their continued development”.