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Daisy
OCCF advises Daisy on recommended cash offer with £635m enterprise value
Completed Transactions - Daisy Logo
Sector:
Telecoms
Transaction Type:
Disposal, ECM
Date:
January 2015
Deal Value:
£635m

Oakley Capital Corporate Finance (‘Oakley’), the leadingTMT specialist corporate finance firm, has advised Daisy Group plc (“Daisy”; the “Company”), the UK independent provider of telecoms and IT services to SMEs and mid-market businesses, on the recommended cash offer from a consortium of Matthew Riley, Daisy’s CEO, Toscafund and Penta Capital.

The Oakley team, led by Chris Godsmark, Partner and supported by Chris Brooks, Managing Director, Zishaan Arshad, Senior Associate, and Marc Jones, Senior Associate, were closely involved in the deal process from the outset. In particular, Oakley advised the independent directors of the Company in their evaluation of the merits of the consortium’s proposal and the application of the Takeover Code, as well as assisting with project management of the transaction more generally.

Based in Nelson, Lancashire, Daisy was created in July 2009 via the reverse takeover of Freedom4 Group plc by Daisy Communications Limited and Vialtus Limited, with an associated £80m fundraising. Since 2010, Daisy has successfully executed its strategy of consolidating the SME telecoms services market and has developed into a unified communications provider. Daisy has acquired 22 businesses since admission to trading on AIMfive years ago. In the year ended 31 March 2014, Daisy recorded sales of £352.7m and adjustedEBITDA of £57.9m. The deal values Daisy at an EV multiple of 11.0x adjusted EBITDA and a P/E ratio of 13.4x.

Chris Godsmark commented:

“Oakley acted as Financial Adviser to the deal in 2009 which launched Daisy as a quoted company. Daisy has been a client of ours ever since and we are delighted to have advised the Company on this transaction, which underlines and enhances our credentials both in the telecoms sector and as an M&A adviser on quoted company deals.”

Oakley has grown strongly in 2014, advising on 7 deals since the beginning of the year including the IPOs of Just Eat and Manx Telecom and the investment by KKR into the Hut Group.

Since its establishment in late 2007, Oakley has completed over 50 transactions with a total enterprise value of more than £5 billion.

For more information, please contact:
Chris Godsmark

Hannah Dodds
020 7766 6900

*Completed by Oakley Capital Corporate Finance

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