Synova Capital Acquires Actimax

UK-based buyout shop Synova Capital has acquired Actimax, a supplier of IT and telecoms infrastructure services, for an undisclosed amount. Terms of the deal were not released. Actimax focuses on the SME market, with services including the provision of VOIP, systems maintenance, data services, mobile and hosting services. Synova Capital focuses on lower middle-market deals.

Synova Capital (“Synova”), a UK private equity fund focused on the lower mid-market, announces the acquisition of Actimax PLC (“Actimax” or the “Group” or the “Business”).

Actimax is a leading UK supplier of IT and Telecoms infrastructure services to the underserved SME market including the provision of VOIP, systems maintenance, data services, mobile and hosting services. With over 500 customers and high levels of recurring revenue, Actimax represents a stable and fast growing platform for a buy and build in this highly fragmented sector.

Synova has supported the incumbent management team, led by CEO John Massey, in a management buy-out from Foresight VCT PLC. Synova has also appointed Charles Cameron as Non-executive Chairman. Charles brings with him a wealth of operational and acquisition experience in the sector and is the former CEO of managed services provider InTechnology Group plc, having formerly been a Managing Director of Goldman Sachs’s TMT Division in London.

John Massey, CEO of Actimax commented: “We have been able grow Actimax throughout the economic downturn by combining best quality systems with best value pricing and market leading customer service standards. With Synova’s support we now have the capital available to make complimentary acquisitions with the aim of building a Group with a truly unified and nationwide proposition in IT and telecoms to the UK’s SME customers.”

Philip Shapiro, a Managing Partner of Synova Capital added: “We are delighted to be backing such a proven and successful management team who have already managed to deliver strong growth throughout the downturn. Actimax has considerable scope to add more products and services and is in an excellent position to act as a platform for a buy and build in the fragmented IT and telecom services market. We are already looking at some potential additions to the Actimax Group and are excited at the prospect of supporting the Group with more capital.”