Private equity firm Macquarie Capital has acquired British communications firm Wavenet. The company was previously owned by private equity investor Beech Tree, which sold Wavenet to Macquarie for an undisclosed amount.
Beech Tree invested in Wavenet in 2016. Since then, Wavenet has grown from £14M (US$22.7 million) to over £60M (US$85.1 million) in 2021, according to the company. The company says it used that investment to invest in people, network, products and systems.
Paul Franks, managing partner at Beech Tree Private Equity commented:
“We are delighted to have worked with Bill and the management team at Wavenet over the past five years. The business has grown substantially – both in scale and capability, including eight strategic acquisitions. Wavenet is now one of the stand-out unified communications players in the UK market. I wish Macquarie and Wavenet every success for the future.”
By Ty Trumbull
