Adapt Sold in Secondary Buyout

Jones Day London has advised funds managed by Alcuin Capital LLP as sellers in a management buyout of Adapt Group Limited backed by Lyceum Capital Partners LP for a consideration of 30 million pounds (US$46.4 million). Adapt, established in 2001 and headquartered in London, delivers enterprise-class cloud, infrastructure management, network and data centre services to mid-market clients that operate business critical IT applications.

PRESS RELEASE
Jones Day London advised funds managed by Alcuin Capital LLP as sellers in a management buy-out of Adapt Group Limited backed by Lyceum Capital Partners LP for a consideration of 30 million pounds (US$46.4 million).

Adapt, established in 2001 and headquartered in London, delivers enterprise-class cloud, infrastructure management, network and data centre services to a wide range of mid- market clients that operate business critical IT applications. It serves a broad client base, many of which are fast growth businesses including PKR, Cubic Transportation, Last.fm, LOVEFiLM and LCH.Clearnet.

Lead Partner, Adam Greaves in London comments: “We have acted for Alcuin Capital or its principals on private equity deals for a number of years and are delighted to have been able to advise on this successful disposal and also that Adapt, which we have advised on a number of matters, will now have new backing to fund its proposed buy and build strategy.”.

The Jones Day team was led by Adam Greaves, Head of Jones Day’s UK Private Equity Practice with support from M&A Partner Max Thorneycroft and Associate Saffron Finch.

Wragges & Co LLP acted for Lyceum and Berwin Leighton Paisner LLP acted for the management sellers.

-ENDS-

For further information on Jones Day’s involvement in this transaction please contact:

Adam Greaves
Email: agreaves@jonesday.com
Tel: 020 7039 5156

Caroline Birch
Email: cbirch@jonesday.com
Tel: 020 7039 5400

Rohit Grover/Ryan McSharry, Spada
Email: rohit.grover@spada.co.uk / ryanmcsharry@spada.co.uk
Tel: 020 7269 1430

Notes to Editors:

• #1 Buyouts’ Year End 2010 league tables for number of transactions in each of the undisclosed and disclosed values up to and including $100 million, $500 million, and $2 billion categories, and for number of transactions overall Jones Day is a global law firm with 35 locations in centres of business and finance throughout the world. Ranked among the world’s best and most integrated law firms, and perennially ranked among the best in client service, Jones Day acts as principal outside counsel to, or provides significant legal representation for, more than half of the Fortune Global 500 companies.
• #1 in the Corporate/M&A mid-market category in Chambers UK (2010 Edition)
• #1 in M&A for every quarter since 2000 (Thomson)

Please visit our website at www.jonesday.com to find out more about our Private Equity Practice.

Ryan McSharry
Account Manager

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