Milestone Communications
- Sector
- Telecommunications infrastructure
- Size
- £1.5m EBITDA
- Advisory
- Sell-Side
Background
- Founded by two Directors, Gavin & Adrian, the business provided telecoms infrastructure design and installation services to tier 1 contractors and network providers nationally.
- The founders sought to realise value via an on-market sales process with KBS some 18 months before our engagement but had received no interest and offers despite having been repeatedly presented to market for offer over a protracted period
- Independence had made contact with the vendors direct after their marketed process had ended and whilst the business did not fit the strategy for which we were originating acquisition targets for, we struck up rapport with the vendors and recognised there was underlying a business with real value / opportunity. The right story simply needed to be told to the right buyers.
Process & outcome
- Accelerated M&A process arranged – timing being an important factor for the vendor when previously suffered an unsuccessful & aborted process.
- Priority partners identified from previous network and engagement work. Dialogue was established with RSK Group, who made an offer for the business in 14 days.
- Negotiations extended the Offer to a gross package in excess of £14m, representing a premium materially greater than the valuation established upon our engagement.
- Acquisition by the group has proven profoundly successful, with RSK gaining complementary key contract customers for their wider contracting business and the target receiving the support of a wider group, helping it capitalise on growth opportunities they could not have catered for on their own.
“We were naturally sceptical having been let down by a national broker already but the pace at which we engaged with serious buyers and then extracted an offer above all of our expectations was very impressive. Independence helped us secure the right buyer on the right terms and supported us through what was a challenging but fruitful diligence process where we were able to further protect value”
