Azzurri Communications

Deal Summary

Catalyst advised PPM Capital (now Silverfleet Capital) on their £183 million secondary management buy-out of Azzurri Communications (Azzurri).

Based in High Wycombe, Azzurri is a leading provider of voice and data communications. The company provides four main services - consultancy, ICT solutions, managed networks and support services via secure network operation centres.

What difference did we make?

Catalyst first developed a relationship with Azzurri in 2003 having identified an acquisition opportunity for the business.

Although this deal did not take place it was clear that Azzurri had ambitious expansion plans which would necessitate further acquisitions and potentially further fund raising.

When management sought to exit from 3i plc, their existing funder, we identified another financial sponsor, PPM Capital who we knew not only had appetite for the sector but also a capability for the buy and build business model favoured by Azzurri’s management.

The major obstacle to overcome in completing the deal was the limited timescale to completion. However our long standing relationship with both management and PPM Capital enabled us to mediate and ensure a deal could be completed to the satisfaction of both parties.