SpiriTel Appointed Advisor 2006-2011
SpiriTel Plc is a leading communications business whose focus is on providing a fully integrated range of traditional and Internet Protocol (IP) based products and services to approximately 4,000 businesses.
Founded in 1989 and since its admission to Aim in 2004 Spritel has been the result of a successful turnaround with the support and backing from Private Equity firm Penta Capital.
SpiriTel provides a full suite of communication products from small privately owned businesses to multinationals and technologies that focus on infrastructure, advanced IP engineering support and network services to leading UK telecommunications network operators.
Following appointment in 2006 SpiriTel acquired the Mitel systems business Tdotcom in 2007, fixed line reseller Net telecom in 2009 and Mobotel Management in February 2010. MoboTel is a specialist mobile voice and data reseller, based in Fulham, London and has grown rapidly over the last five years to become one of the UK's largest independent B2B suppliers of BlackBerry solutions. The business was acquired for an initial consideration of £2.15 million.
SpiriTel reported revenue was up 71% to £17.7m in the year ending April 2010 from £10.3m the year before, while underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 70% to £3.1m from £1.8m. Acquisitive reseller Daisy Group acquired SpiriTel from Penta for £27.3m in November 2010, its biggest purchase to date.
"SpiriTel is a highly acquisitive company and having successfully completed three transactions in quick succession, we engaged Evolution Capital to assist with a focused search for new targets. Evolution Capital found a company that closely matched our acquisition criteria and we completed the deal soon after our introduction. Revenues of the acquired company have increased significantly since completion and we continue to work closely with Evolution Capital as we look to further progress our M&A ambitions." Alastair Mills, CEO of SpiriTel Plc