Icom
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Strategic Review & partial sale Strategic Review & partial sale, Telecoms January 2018 Acquired Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Strategic Review & partial sale Technology Telecoms Valuation and fundraising Background John started Icom with the help of his wife in 1990, using their family home in Kent as their office. This was Donoghue’s first foray into the world of entrepreneurialism, stepping away from his job with Bailey Telecom. Icom started by subcontracting engineering to others. Very soon Icom grew and expanded to surpass some of the contracting dealers they worked for. Donoghue said: “From the beginning I took all necessary steps to establish Icom in line with the old fashioned values of service and professionalism, with a high degree of flexibility, making sure we meet all customer needs.” That ethos has served Donoghue and Icom well over the years. Some 25 years later, the business is a highly profitable operation looking for options to develop and enhance its position and build on their successful organic growth. The challenge Icom’s management team had remained unchanged since the mid 90s. The business was financially secure and had a good relationship with a growing list of well-known customers. However, the size of the operation was occasionally questioned by some procurement managers. Additionally, the market was changing, and its proposition had to evolve accordingly without losing the company’s core values. Donoghue knew the company needed to change by expanding its management skills and product portfolio to maintain and enhance its growth trajectory. Ultimately, the management team considered a partial exit or merger with a larger entity as the solution. Donoghue explained: “Once the decision was made, I then started to look for business advisers who could have the correct input and hold our hands to find the appropriate partner”. Advice, planning and preparation Icom approached a number of recognised business advisors – all experts in the TMT sector. A shortlist of three was made and Evolution Capital was one. Donoghue said: “From the outset Evolution Capital was the one I felt most comfortable with. The team understood our marketplace well and took a great deal of time and effort considering our requirements in finding the best partner for us. Although realising capital was important, so was finding a partner who shared our values – specifically in the area of customer and staff care”. Evolution Capital carried out a detailed study of all the company’s operations, finances and transactions to: • Highlight the areas needing immediate changes in order to attract a buyer• Detail an anticipated valuation after implementing the recommendations• Identify the opportunities for up-selling and cross-selling for a potential acquirer Maximising the value through business change Evolution Capital identified where changes were needed to interest the right buyer on the best terms. Icom implemented the recommended changes and immediate benefits started to accrue: 1. Major changes in the F&A process delivered significant cost savings2. Fundamental business processes were improved delivering further cost benefits3. A greatly enhanced adjusted EBITDA was made as a direct result of the new streamlined approach4. An increased valuation for the whole business from the resultant changes Donoghue added: “Prior to Evolution’s strategic review we had some very general ideas about a way forward but the study really focussed us on what sort of partner we needed, and what we had to do to attract one. The company needed a buyer with the right culture and ethos to make it a win/win for both of us. The review highlighted the areas where obvious changes were necessary and once made we immediately started to get positive results. It was a great piece of work.” A successful outcome Evolution Capital moved onto the next part of the engagement and produced an Information Memorandum (IM) to start the marketing process and identify appropriate buyers. Initially 12 interested parties were identified and were invited to meet with Icom over a three-day period. This exercise produced six indicative offers – all in line with the valuation given in Evolution’s strategic review. Each buyer was then invited to propose the details of their offer and a short-list of three was drawn up. After more detailed meetings the company found the buyer they were looking for, at a price and terms they were seeking. Donoghue said: “ I was delighted to agree on terms with Bahman Rahimi of BDR Voice and Data Solutions who bought 60% of Icom Holdings. Evolution Capital played a key and pivotal role in helping me select one of the best and most suitable companies to align Icom with. With the benefit of the enlarged organisation, new management team, expanded product and services portfolio, Icom are in a much better position to address their markets with much more ease and belief.” The deal, as reported in Comms Dealer last year, has provided Icom with, amongst other things, much-needed sales and marketing expertise. BDR and Icom benefitted from two good cultures and the fusion of these has created a new, dynamic, energetic and exciting work environment for all staff to practice their skills in the best way possible. The next chapter Icom is now an impressive organisation employing 150 staff with a growing customer list from across the UK and Europe, including international retailers, global electronic giants, the NHS and other public sectors. The company has diversified its portfolio of services to include supply of hardware, in-house hosted solutions, total IT infrastructure design and implementation, mobile, structured cabling, fire safety, security systems, MSP, MSA and full data centre resilience.
BTL
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Disposal Disposal, Telecoms January 2022 Acquired Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Evolution Capital, the leading mid-market corporate finance boutique specialising in bespoke advice for the technology, media and telecommunications (TMT) market, is delighted to announce it advised on the sale of telecoms business Between the Lines Communication to Arrow Communications. The business sale offered a clean exit for Between the Lines Communication’s majority shareholder, founder and chief executive Rob Lamden. Between the Lines Communication is a successful, Bracknell-based, mid-market business that provides recurring mobile, voice and connectivity for a strong customer base of approximately 450 unique business-to-business customers across the UK. The business was established in 2002 and has grown organically under the direction of its founder to become a leader in its field. Initially it operated exclusively in the telecoms sector, primarily offering landline and broadband services, before expanding into cloud telephony and IT services. More recently, Between the Lines Communication entered into a lucrative partnership with CityFibre, the UK’s largest alternative provider of wholesale fibre network infrastructure and the builder of Gigabit Cities. This successful collaboration allowed for greater expansion into connectivity in the Thames Valley, helping the business drive a strong growth in profit and local identity. Evolution Capital was mandated to work with Between the Lines Communication to develop an exit strategy for the company’s shareholders and prepare the business for sale. Following a detailed and thorough strategic review, Evolution Capital identified a buyer in Arrow, the leading UK business providing a full-telecoms, IT, energy consultancy and service proposition. Arrow’s management team found the deal proposition attractive and that the business fitted into their vision and portfolio. Evolution Capital’s transaction team then worked with Between the Line Communication’s management, preparing the business for sale, using in-house business sale processes and unique valuation methodologies. This included ensuring the company’s customer and supplier contracts showed a strong pipeline of growth, that the business structure was clean and tax efficient and that all aspects of the company would pass through buyer expectations. This innovative and bespoke process, which has been developed in-house by Evolution Capital following decades of transactional experience, ensured the acquisition went ahead despite a number of internal challenges and market uncertainty in the run-up to the 2019 General Election. Lamden added: “Evolution Capital identified a few potential problems at the beginning of the sale process, which did indeed occur, however the firm’s tenacity at working through these issues was exemplary. The team managed a difficult situation with great sensitivity and ensured the deal got done.” Nigel Cook, managing director and founder of Evolution Capital, commented: “I am proud of the time and effort that went into the completion of this deal. When a company proposition is strong, the match to the buyer is good and the adviser is highly experienced and is trusted by both sides you can work through the challenges. We put a lot of work into the deal behind the scenes and I am delighted for the shareholders of Between the Lines Communication, who are now free to explore new ventures.” Arrow’s executive chairman Chris Russell added: “We’re thrilled to welcome Between the Lines Communication into our business and look forward to developing a strong partnership going forward. The synergies between the two firms were clear from the start.” More than 2 results are available in the PRO version (This notice is only visible to admin users) Latest Posts Case Studies BTL Acquisition Pipex Buyside M&A BDR Categories Acquired Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Social Media Our Blog Related Case Studies View all Case Studies, Disposal, Telecoms BTL December 2, 2025 Acquisition, Case Studies, Telecoms Pipex December 2, 2025 Buyside M&A, Case Studies, Telecoms BDR December 2, 2025 Acquired, Case Studies, Telecoms Pace Telecom December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter
Pipex
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Serial Acquisitions Serial Acquisitions, Telecoms 2003 Acquired Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Our Blog Related Case Studies View all Acquisition, Case Studies, Telecoms Pipex December 2, 2025 Buyside M&A, Case Studies, Telecoms BDR December 2, 2025 Acquired, Case Studies, Telecoms Pace Telecom December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter
BDR
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Buy-side M&A Buy-side M&A, Telecoms 2021 Acquired Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Background Based in Stratford-upon-Avon, BDR Group is a UK award-winning choice for telecom, IT and other business solutions. Established in 1991 by founder and managing director Bahman Rahimi. The company currently has over 250+ experts, working across the UK & Europe. The Challenge The shareholders and management team of BDR were keen to develop the business and build value through acquisition. Advice, Planning and Preparation Duncan Gregory, Transaction Services Director worked with the shareholders and management team of BDR, offering a deep analysis of the company’s performance, alongside gaining a full understanding of the shareholder objectives and desired outcomes from the process. The Evolution Capital team worked with BDR through several acquisitions to enhance the business value, to include the purchase IT solutions provider ACR IT Solutions and ICOM Group. Following these acquisitions, our team advised the shareholders of BDR through the transaction process for purchase of Boffins. “We believe that ACR, Boffins and BDR will be a great combination.” Bahman Rahimi, Managing Director and Founder of BDR. A Successful Outcome Relationships are an important element of the business in which we operate. Business acquisitions and integrations need acute attention to detail, focus and drive. Our team was delighted to have worked with BDR in their journey to business value growth. More than 2 results are available in the PRO version (This notice is only visible to admin users) Latest Posts Buyside M&A BDR Acquired Pace Telecom Business Sale Supply Communications Categories Acquired Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Social Media Our Blog Related Case Studies View all Buyside M&A, Case Studies, Telecoms BDR December 2, 2025 Acquired, Case Studies, Telecoms Pace Telecom December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter
Pace Telecom
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Acquired Acquired, Telecoms 2021 Acquired Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising BackgroundPACE Telecom is a leading communications company specialising in telephone systems, fixed-line, mobile and broadband-based solutions and are based in North Wales. They focus on delivering premium unified communications and have more than 1,000 customers which they help work more efficiently and productively. In 2018 they decided to explore the market to find a buyer to acquire the business. The ChallengeAfter PACE’s founders spent 30 years building the company they decided it was time to investigate the potential of a trade sale of the business. The company was growing successfully and maintaining this momentum required considerable focus, which might be diluted by looking for potential acquirers. The management team considered several different advisors to initiate their disposal programme. Evolution Capital was appointed by PACE Telecom in 2019 to prepare the business for sale, introduce the company to potential acquirers and manage the cycle. Advice Planning and PreparationThe first stage in the disposal process was to implement a strategic review of PACE to begin the detailed preparation of the business for sale. Evolution Capital delivered a multi-disciplined fusion of skills and know-how from its combined team of advisors, analysts and industry experts. This enabled a complete review of the business and made several recommendations to enhance the value of the potential transaction. The application of Evolution’s unique set of methodologies and robust processes during the review highlighted several areas that needed to be refined and finessed to ensure the best outcome for PACE Telecom. Following the review Evolution Capital produced and completed the necessary document for the forthcoming transaction. A Successful OutcomeAfter overseeing the preparation of the business Evolution Capital approached several potential buyers on behalf of their client. All acquirers needed to meet PACE’s criteria including valuation, terms and conditions. Enreach UK were identified as a likely acquirer and one that could deliver a satisfactory outcome for all parties concerned. Evolution Capital oversaw the complete disposal process to a successful conclusion. The acquisition of PACE continued the acquirer’s expansion into the UK market and follows the formal launch of the Enreach UK brand in April 2021. Pace Telecom is an excellent fit for Enreach, having been a customer of their Service Providers brand for several years and specialising in cloud telephony. Jamie Hughes, chief executive of Pace Telecom, said: “I am excited to see Pace Telecom join Enreach at such a pivotal time of growth and innovation for the group after being a partner for many years. “At Pace Telecom, we have almost 30 years’ experience in helping our customers to become more flexible and efficient through our solutions and joining Enreach will only help their businesses to grow even further. We look forward to achieving maximum success as part of Enreach.” Duncan Ward, chief executive of Enreach UK, said: “By adding Pace Telecom to Enreach here in the UK we are able to further improve on the products, services and the overall experience we provide our customers. “Pace Telecom has been a partner of Enreach for Service Providers for several years and, with the team already confident taking our cloud platform to market, we are certain that we can build on this success.” Jamie Hughes concluded: “We made a huge investment in technology in a bid to become the go-to place for knowledge and experience. This paid off for us and with Evolution Capital’s management and guidance we exceeded expectations.” Nigel Cook, Group Managing Director, said: “Jamie (Hughes) has engineered a fantastic result for shareholders, management team and the customers of Pace Telecom, who now will benefit from being part of the leading European UCaaS enterprise, backed with capital from the Pemberton and Waterland partnership. Evolution Capital is pleased to have advised in this outstanding outcome for shareholders.” More than 2 results are available in the PRO version (This notice is only visible to admin users) Latest Posts Acquired Pace Telecom Business Sale Supply Communications Case Studies Spiritel Categories Acquired Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Social Media Our Blog Related Case Studies View all Acquired, Case Studies, Telecoms Pace Telecom December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter
Supply Communications
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Business Sale Business Sale, Telecoms 2018 Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Our Blog Related Case Studies View all Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter
Spiritel
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template M&A Managed Buy and Build Programme M&A Managed Buy and Build Programme, Telecoms 2007 Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising The background SpiriTel CEO Alastair Mills is a successful national provider of converged voice, data and mobile communications with significant major account wins under their belt in a very short time. The challenge The shareholders of Spiritel selected Evolution Capital to research and identify acquisition opportunities, and to assist and advise the business owners in the purchase of and investment in multiple acquisitive opportunities to enhance the business value. Funded by Glasgow-based Penta Capital, Spiritel were searching for synergistic opportunities within the telecoms and telephony market.Evolution Capital were appointed to undertake key project management, alongside providing strategic business advice throughout the process. Advice, planning and preparation From understanding the shareholder goals and ambitions, to identifying qualifying targets, to negotiating HoT, Evolution Capital were chosen by the shareholders and management team of SpiriTel to assist the shareholders in their acquisitive journey towards value enhancement and growth. Throughout the course of the relationship, Nigel Cook, managing director of Evolution Capital,advised the shareholders through a total of four successful acquisitions of telecoms businesses based in the UK, including the purchase of Net:Telecom. A successful outcome Evolution Capital are proud to have assisted and advised the business owners of Spiritel in their journey towards value growth. With over two decades experience, advising clients exclusively in the IT, TMT and Technology sectors, our vast network and understanding of the market landscape, enables our advisors to provide essential, concise and educated advice, exceeding the aspirations of our clients. Following the acquisitions advised by Evolution Capital, Spiritel successfully sold the business to Daisy in 2010 for over £33m More than 2 results are available in the PRO version (This notice is only visible to admin users) Latest Posts Case Studies Spiritel Case Studies Mobestar Case Studies Passtech Overmach Group Categories Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Social Media Our Blog Related Case Studies View all Case Studies, M&A Managed Buy and Build Programme, Telecoms Spiritel December 2, 2025 Case Studies, Fund raising and listing, Software Mobestar December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Case Studies, Technology, Valuation and fundraising Passtech Overmach Group December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter
Mobestar
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Fund raising and listing Fund raising and listing, Software 2006 Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising BackgroundEvolution Capital advised Mobestar’s founding directors from 2004, when the company was formed, through to April 2006, when it was admitted to the AIM market with a listing valued at £38m. Advice, planning and preparationAfter appointing the requisite advisors – nomad, broker, auditor and legal counsel – the company was faced with a myriad of processes and regulatory compliance issues, yet to be met, before their admittance to AIM. Mobestar’s CEO Peter Richards said: “Taking a company public by floating its shares on AIM and signing up to all the rules and regulations demanded by the London Stock Exchange was a daunting prospect for our management team. We were completely unprepared for the volume of data which we had to prepare.” Liquidity and cash flow validation, patent/intellectual rights allocation and strengthening mission-critical business processes were where Evolution Capital focussed their attention. They then proposed practical solutions in each of these identified areas – ultimately helping the company to implement them. Evolution Capital provided Mobestar with: an AIM feasibility exercise prepared by a flotations experta road map highlighting all the compliance issues and their proposed solutionsaccurate, LSE compliant management reporting systemsan audit and report of the company’s products to ensure the necessary growth potentialverification of all patents and intellectual property rightsa strategic plan for the management team to enable delivery of the company’s key objectives The ChallengeIn order to satisfy the rigorous demands of the LSE membership, the company was also obliged to meet the equally strenuous requirements of the UK Listing Authority. Additionally, the company would ultimately be answerable to the Financial Conduct Authority, which keeps a close eye on all quoted companies. The result of this extra workload added to the burden on Mobestar’s board, which was still in the throes of scaling their business in a nascent market. Richards continues: “It is no exaggeration to say that floating a company on AIM put our directors and senior management under some of the highest pressure they have experienced. For example, I was locked in with our lawyers in a continuous three-week process while they examined each and every public statement, contract and partnership the company had made since inception. We clearly needed some extra help.” SuccessThe engagement was a success with all objectives and goals met. Evolution Capital assisted the company in achieving the requisite ‘pre-float’ deadlines, meeting all the necessary regulatory and statutory requirements. The management team had been well prepared by the time of the flotation and were ‘enabled’ to respond to the market fluctuations of a quoted company. Dealings for the company’s entire share capital of 50,000,000 ordinary shares commenced trading at £1.00 per share. Mobestar later completed a ‘dual-listing’ on the Frankfurt Stock Market allowing simultaneous trading in their shares on two major exchanges. Rapid problem solvingEvolution Capital fulfilled each of the necessary requirements and helped the company overcome the logjam of challenges which could have caused a lengthy delay with the flotation. Peter Richards, CEO, said: “We needed some rapid problem solving if we were going to achieve our deadlines. Evolution Capital was indispensable in helping us, not only to prepare the ground but also in coming up with answers to some pressing problems. Without their input, we would never have got it over the line.” About MobestarMobestar was a specialist B2B provider of mobile video services. The company decided to float in early 2005 after receiving an unprecedented demand for their services. Mobestar created a white-label application, mDate, a mobile ‘app’ that allowed large dating and community brands to utilise and monetise ‘mobile’ as a new channel for their browser-based users. Gaydar, White Label Dating and UK Dating were all signed up as early customers giving Mobestar 30,000,000 subscribers. The company was the ‘first to market’ with a suite of integrated technologies that overcame several technical hurdles such as anonymous calling, multiple/live video calling sessions and database synchronisation and were ahead of the competition by some quantum. More than 2 results are available in the PRO version (This notice is only visible to admin users) Latest Posts Case Studies Spiritel Case Studies Mobestar Case Studies Passtech Overmach Group Categories Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fund raising and listing Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Software Technology Telecoms Valuation and fundraising Social Media Our Blog Related Case Studies View all Case Studies, M&A Managed Buy and Build Programme, Telecoms Spiritel December 2, 2025 Case Studies, Fund raising and listing, Software Mobestar December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Case Studies, Technology, Valuation and fundraising Passtech Overmach Group December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter
Passtech Overmach Group
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Valuation and fundraising Technology, Valuation and fundraising 2019 Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Technology Telecoms Valuation and fundraising The background Passtech Machine Tools is part of OVERMACH Group, operating in the Middle East for over 35 years with 50 Employees in 3 different strategically located Offices and 1600 sold machines. Passtech supplies global market leading products and support them with complete after sales and support function, embracing servicing, applications work and turnkey supply… bringing value for money and high technology for the whole Middle East region. The management team selected Evolution Capital to provide a structured and detailed valuation of the business, alongside guidance through the fundraising rounds. The challenge The international nature of this engagement meant there was an early reliance on Teams to deliver meetings and presentations to The shareholder objectives were to gain a full valuation of the business prior to a fundraising round. Due to the location of the company, our team worked with the shareholders of Passtech using technological approaches to deliver advice and guidance which then led to the company successfully raising funds. Advice, planning and preparation Duncan Gregory, Senior Transaction Advisor at Evolution Capital worked with the management team at Passtech to provide a detailed understanding of the risks and opportunities available to the business.Furthermore, Duncan provided a detailed business valuation to the shareholders,to understand the value of the business and create a solid foundation for and to underpin the fundraising rounds which later led to business acquisitions by the Passtech team. A successful outcome The Evolution Capital team pride ourselves on delivering outstanding attention to detail in our work, from analysing management accounts to services and company structure. Additionally, our ongoing research and analysis in the IT, Telecoms and Technology sector enables our advisors to fully understand the market in which we operate, and provide advice tailored not just to the individual company, but also the market in which it sits. Evolution Capital were delighted to advise with Passtech to deliver their business valuation and fundraising, which later led to a transaction. More than 2 results are available in the PRO version (This notice is only visible to admin users) Latest Posts Case Studies Passtech Overmach Group Acquisition Callagenix Case Studies Z1 Telecoms Categories Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Technology Telecoms Valuation and fundraising Social Media Our Blog Related Case Studies View all Case Studies, Technology, Valuation and fundraising Passtech Overmach Group December 2, 2025 Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Case Studies, Disposal, MBO Management Buyout, Telecoms Z1 Telecoms December 2, 2025 Case Studies, Disposal, IT Lanway December 2, 2025 Business Sale, Case Studies, Telecoms Pipemedia December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter
Callagenix
Home Contact Us Home-version 2 Service page About Us Office Location Post template Home Contact Us Home-version 2 Service page About Us Office Location Post template Aquisition Acquisition, Managed Services 2005 Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Technology Telecoms The background Evolution Capital acquired a business customer base on behalf of the shareholders of Callagenix. Our team delivered outstanding outcomes to the shareholders of Callagenix, by advising the team through the acquisition process. Callagenix has decades of expertise in providing business phone systems, business phone numbers and VoIP/SIP solutions, which reduce your phone-line costs and give your business the cutting-edge. Everything from simple UK and international phone numbers to sophisticated, robust and scalable business continuity and telephony solutions. From phone numbers covering the entire UK to a specific local area. Callagenix has a comprehensive range – all expertly hosted by us and giving you complete control over where they route and how they work. Use our wide range of international numbers in more than 100 countries to establish an overseas presence without the cost of being there.Choose from toll-free, local, national or cost-per-call solutions. The challenge On a mission to value growth, the shareholders of Callagenix selected Evolution Capital as the chosen advisor, whereby the team sourced opportunities against the qualification criteria set by the client. Advice, planning and preparation “We were the very first sponsor of Evolution Capitals Maximum Exit programme and found it a great way of uncovering acquisition targets.” Mark Jenkins In a series of face-to-face meetings, Nigel Cook and the transaction team at Evolution worked to find synergistic opportunities, both on and off-market. These opportunities were presented to the shareholders and management team of Callagenix. The Evolution Capital team then, upon instruction from the client, prepared and delivered the offer, provided relationship management and specialist advice to completion. A successful outcome Through a bespoke methodology of robust preparation,dedicated research, deep market intelligence and a unique collaboration of skills, from chartered accountants to dealmakers and transaction experts, the Evolution Capital team is delighted to have achieved such outstanding outcomes for the shareholders and management team of Callagenix. More than 2 results are available in the PRO version (This notice is only visible to admin users) Latest Posts Acquisition Callagenix Case Studies Z1 Telecoms Case Studies Lanway Categories Acquisition Analytic Services Business Acquisition Business Aquired Business Sale Business Valuation and Research Buy-Side Buyside M&A Case Studies Disposal Financial Due Diligence Fundraising and M&A advice IT IT Managed Services IT MSP M&A Managed Buy and Build Programme Managed Services MBO Management Buyout Media Merger Multiple R&D Tax Claims Sell-Side Sell-side M&A Advice Technology Telecoms Social Media Our Blog Related Case Studies View all Acquisition, Case Studies, Managed Services Callagenix December 2, 2025 Case Studies, Disposal, MBO Management Buyout, Telecoms Z1 Telecoms December 2, 2025 Case Studies, Disposal, IT Lanway December 2, 2025 Business Sale, Case Studies, Telecoms Pipemedia December 2, 2025 Acquisition, Case Studies, Telecoms Comms Group December 2, 2025 Request a Confidential Consultation Discover Your Business Value Start with a strategic assessment to understand your maximum potential valuation in the current market. Contact us now Company About Us Blogs Our Location Careers Our Services About Us Sell Side Buy Side Data Work Resources Faq Client Dashboard Support Our Location Contact Us (020) 3696 2810 Info@evolutioncapital.com 68 King William Street, London, EC4N 7HR The Granary, Oak Lane, Chichester, PO20 7FD Subscribe Subscribe to our newsletter