Synova Acquires Actimax in IT Sector Buy and Build

LONDON, April 27, 2011 /PRNewswire/ -- Synova Capital ("Synova"), a UK private equity fund focused on the lower mid-market, announces the acquisition of Actimax PLC ("Actimax" or the "Group" or the "Business").

Actimax is a leading UK supplier of IT and Telecoms infrastructure services to the underserved SME market including the provision of VOIP, systems maintenance, data services, mobile and hosting services. With over 500 customers and high levels of recurring revenue, Actimax represents a stable and fast growing platform for a buy and build in this highly fragmented sector.

Synova has supported the incumbent management team, led by CEO John Massey, in a management buy-out from Foresight VCT PLC. Synova has also appointed Charles Cameron as Non-executive Chairman. Charles brings with him a wealth of operational and acquisition experience in the sector and is the former CEO of managed services provider InTechnology Group plc, having formerly been a Managing Director of Goldman Sachs's TMT Division in London.

John Massey, CEO of Actimax commented: "We have been able grow Actimax throughout the economic downturn by combining best quality systems with best value pricing and market leading customer service standards. With Synova's support we now have the capital available to make complimentary acquisitions with the aim of building a Group with a truly unified and nationwide proposition in IT and telecoms to the UK's SME customers."

Philip Shapiro, a Managing Partner of Synova Capital added: "We are delighted to be backing such a proven and successful management team who have already managed to deliver strong growth throughout the downturn. Actimax has considerable scope to add more products and services and is in an excellent position to act as a platform for a buy and build in the fragmented IT and telecom services market. We are already looking at some potential additions to the Actimax Group and are excited at the prospect of supporting the Group with more capital."

Notes to Editors:

1. Synova was advised by:

a. Commercial Due Diligence - CIL led by Sebastian Chambers

b. Financial Due Diligence - Ernst & Young led by Cary Wilson

c. Legal - Travers Smith led by Edmund Reed.

2. Synova has committed total funding of up to GBP15m to Actimax for the buy and build. Further information is available from http://www.synova-capital.com/portfolio/actimax

3. Synova invests in UK lower mid-market growth opportunities with a particular focus on companies valued at between GBP5m and GBP30m. Key verticals include business and support services, financial services, consumer and leisure and healthcare.