Clearwater’s Debt Advisory team has advised Horizon Capital, the UK’s technology services buy and build specialist, on its investment in Modern Networks, a successful provider of IT Managed Services and Connectivity to the real estate and construction industry in a €46m (£40m) deal. Clearwater raised debt facilities to support the acquisition and future buy and build strategy from specialist SME lender DunPort Capital Management.
Modern Networks provides IT support, connectivity and communications in an easy to consume integrated solution to over 1,800 sites across the UK. From its support centre in Hitchin the business delivers a high-quality 24/7 service to users and serves a number of the largest commercial property managers in the UK.
The business has an ambitious growth strategy and the investment from Horizon Capital will enable it to pursue acquisitions alongside its successful organic growth. The business expects to accelerate its growth within the commercial sector and also in adjacent sectors.
Modern Networks was founded by Matthew Reeve who continues as CEO and is joined on the board by experienced Chairman Lee Shorten, who was previously UK MD of Avaya and Andy Roberts, who both work with Horizon Capital in another portfolio company Sabio. Managing Director James Tizzard and Finance Director Nikki Sandham complete the team.
Modern Networks is Horizon Capital’s second platform acquisition of 2021 and joins a 14 strong portfolio of growing technology and service businesses. Horizon Capital completed 24 add on acquisitions for its portfolio in 2020 and expects to exceed that this year as it continues to grow.
