Onecom has acquired its closest rival, Olive Communications, in a move which creates one of the largest business-to-business mobile, fixed-line and cloud specialists in the UK. Together, Onecom and Olive will provide services to more than 500,000 corporate and business end users this year, generating combined annual turnover of more than GBP140 million.
The acquisition was supported with follow-on funding from mid-market private equity firm LDC, which invested in Onecom in a GBP100 million deal in July 2019 to fuel the Hampshire-based business’s ambitious three-year growth strategy. Growth capital investor BGF, which invested GBP10 million into Olive in 2016, has exited the business as part of the deal.
The acquisition brings together two of Vodafone’s most successful strategic partners. Onecom has been recognised as Vodafone Strategic Partner of the Year for an unrivalled 10 years, while in 2020, Olive was awarded Vodafone’s Innovation Partner of the Year Award.
Read more at Private Equity Wire
