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Press
Release
Acquisition
No. 15 - Fizz Telecom 2
AdEPT
Telecom plc announces the acquisition Fizz Telecom
Limited
AdEPT Telecom
plc ( "AdEPT" or "the
Company"), a leading independent provider of telecommunications
services and landline calls, line rental and broadband is pleased
to announce the acquisition of a customer base from Fizz Telecom
Limited ("Fizz") which will add over 5,000 business
customers.
Fizz is
a telecoms voice reseller established in 2004. In June 2006, AdEPT
acquired 10,000 business customers from Fizz. This was a successful
transaction and as a result AdEPT is today acquiring its remaining
customer base.
The
5,000+ customers are also small businesses spending on average £35
per month.
The
consideration payable by AdEPT is based upon performance criteria
and is estimated at £1.26 million, to be satisfied by a cash
payment of £0.95 million on completion, and the balance over the
next 12 months. The total consideration will be funded out of
AdEPT's existing banking facilities.
Over
the last three years, AdEPT has completed 15 acquisitions and
rapidly integrated the acquired businesses, usually within 6 weeks
following completion. AdEPT has a highly efficient automated back
office system, which is fully integrated to manage all customer
processes. This process model is applied to companies it acquires,
and together with AdEPT's lean cost structure enables it to achieve
industry leading EBITDA margins.
AdEPT
today also announced its preliminary results for the year ended 31
March 2007.
Commenting
on the acquisition, Roger Wilson, Chairman of AdEPT Telecom said:
"This is the second Fizz acquisition in twelve months. As a result
we know Fizz's operation well and our understanding of their
customer base is excellent. The additional 5,000 customers take our
number of business customers to over 20,000 which provide us with
significant opportunities to cross-sell additional products. We
look forward to rapidly integrating the acquisition and generating
the operational benefits."
This
information is provided by RNS The company news service from the
London Stock Exchange.
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