Outstanding Outcomes: Exit Success with the Shareholders of Pescado
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 Outstanding Outcomes: Exit Success with the Shareholders of Pescado Acquisition, Acquisition Strategy, Strategic review, Technology December 2, 2025 The team at Evolution Capital was delighted to advise the shareholders of Pescado throughout the sales process when their company was acquired by the Arrow Communications Group in the autumn of 2021. We sat down with Pescado’s founders, Jonathon Weeks, and Fraser Watson at London’s Reform Club recently to find out how working with Evolution Capital’s experienced advisors helped them achieve an outstanding outcome. Pescado’s recent acquisition by the Arrow Group represented the successful culmination of many years of hard work and a determined focus on growth by the company’s founders, Jonathan Weeks and Fraser Watson. After advising and guiding the company through the sales process, Evolution Capital met with their clients at the Reform Club in London’s Pall Mall and asked them to share a few experiences of their journey. The idea of forming Pescado originally came after the two founders met during a management meeting at former employer, Iceland. They discovered they had complementary skills-sets and believed there was a market opportunity for a new approach to mobile communications. Watson and Weeks decided that they should embark together on a self-determining, entrepreneurial journey and Pescado was born. It was not long before the company’s dedication and focus paid off, cementing its position as one of Vodafone’s leading partners. Some good timing and astute decision-making triggered Vodafone’s decision to make a business advance which was invested to grow the company. Increased volumes of mobile device sales, additional connections and new customers justified this decision and steady progress was assured. Pescado’s reputation for delivering major growth in the mobile market enabled them to sign significant contracts with the other major suppliers. However, despite a steep linear growth curve in this market, it was decided that a pivot into hosted telephony and unified communications would be essential to capitalise on the latent demand. When asked what some of the company’s biggest challenges were Jonathan Weeks, FD said,“A company’s greatest assets are its people and our focus on retaining key members of staff has been essential in building a company to ensure growth and success. Without them we could not have achieved such an outstanding outcome.” It was only in 2018 that the founders considered any form of an exit strategy and they met with several advisors to independently verify the potential valuation of the business. At this point the company decided that the appointment of an expert advisor was a priority to identify all their existing options and build a strategy to exit the business – should this be required. Weeks explains the requirement,“We saw a couple of advisors but none of them really gelled with us. They were all too polished, too salesy. We wanted someone who was more like us – normal, down-to-earth and trustworthy – yet industry experts. Evolution Capital fitted the bill perfectly.” Fraser Watson, the CEO, takes up the story, “Most of the advisors took the approach that they just wanted to box us up and sell us to the highest bidder but Nigel’s (Cook) advice was different. He and his team’s objective was to show us the options and what all the possibilities might be. This was unknown territory for us but everything was clearly laid out, in fine detail, of all the possibilities and what we needed to do to achieve the best result. ”The first part of the exercise was to start a strategic review which included a detailed discovery process with proposals for growth and all the necessary revenue metrics. The information was gathered, analysed and presented back to the company with recommendations. The review highlighted all the available options and concluded by recommending a trade sale as being the best route for an exit. Pescado decided to progress this option and instructed Evolution Capital to begin the process of preparing the company for sale and finding suitable buyers.Covid 19, the changes in Entrepreneur’s Relief and additional workloads in due diligence all presented extreme challenges throughout the process. As a result it became necessary for Pescado and Evolution Capital to work harder and even more diligently to keep the ‘train on the track’. However, every conceivable eventuality of the disposal and finding the right buyer had been covered in the early stage of the engagement, enabling the best outcome for the founders. The number of qualified buyers exceeded expectations and the sale progressed toward a successful conclusion. The extensive process of preparation, presentation to buyers and closing the sale provided the founders with many valuable lessons. The benefit of staying open to different options and maintaining a flexible approach when dealing with buyers proved highly beneficial. The key to over-achievement was based around the deliverables pinpointed in the original strategic review which gave Pescado’s founders a perfect blueprint for what they needed to do. Fraser Watson said,“ Evolution Capital have been brilliant. They never once put us under any pressure and gave us all the tools we needed to make the right decision. It has been a great partnership.”Jonathan Weeks summarised his experience of the process by saying,“ I would highly recommend working with Evolution Capital. They ‘held our hands’, never once dropped the ball at any time and delivered on all fronts. They found us a perfect buyer for the business on a valuation and terms which exceeded our expectations.” Pescado’s two founders are now a significant way through their earn-out period and are planning for the future. When asked what their major ‘take aways’ from the sale were, both reiterated the necessity of remaining undistracted by the ‘end-game’ and to engage with the best business advisors at the earliest opportunity.For more information about this deal, and to watch the full interview, please click here. To stay in touch with our team, why not follow our
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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 Evolution Capital advises Comm-Tech on strategic sale to international MSP Your.Cloud Analytic Services, Business Sale, Sell-Side November 27, 2025 Evolution Capital is pleased to have advised the shareholders of Norfolk-based Comm-Tech Voice & Data on its successful sale to European managed services group Your.Cloud, in a cross-border transaction that supports the business’s next phase of growth. The Background Founded in 1986, Comm-Tech has scaled from a regional mobile provider into a nationwide supplier of telecoms, connectivity and managed IT, operating as one of the top Vodafone partners in the UK, with a customer-first culture and longstanding relationships across its loyal customer base. Comm-Tech’s key strengths lie in its exceptional customer service, technical expertise, and strategic relationships with the industry’s top networks. Recognising the need for an adviser with both transactional and sector-specific knowledge, Comm-Tech’s shareholders appointed Evolution Capital to guide them through the complexities of the business sale process, seeking a partner who understood the nuances of the Technology and IT landscape and could prepare and position the business to the optimal strategic buyers in a transaction that unlocks maximum value. Your.Cloud is an international managed service provider with a strategy focused on acquiring strong-performing, entrepreneur-led MSPs across Europe. This deal strengthens its UK presence and gives Comm-Tech access to a broader pool of expertise, scale and strategic support, under Your.Cloud’s decentralised operational model. The acquisition marks Your.Cloud’s first UK investment in the telecoms space and reflects a shared ambition to bring together agile, local providers under one pan-European group, while preserving Comm-Tech’s individual identity and values. Advice, Planning and Preparation The Evolution Capital team, comprising both chartered accountants and industry specialists, undertook a granular analysis of the business. This included a detailed review of management information and scoping of the addressable market opportunity available to Comm-Tech. The culmination of this effort was a meticulously prepared proposition guided through a sales process that articulated the intrinsic and strategic value of the business, which was instrumental in attracting high-quality offers from a carefully curated list of well-funded acquirers. Evolution Capital acted as lead advisor on the transaction, who advised Comm-Tech’s shareholders throughout the full lifecycle of the sale process, from value verification and development, strategic planning and preparation, market positioning and buyer identification, to negotiation and deal execution. Successful Outcomes The Evolution Capital team provided a full suite of advisory services, including transaction readiness, market engagement, and deal execution, ensuring a seamless process and outstanding outcomes for all stakeholders. Brad Melfi, Transaction Executive at Evolution Capital, said: “We are delighted to have supported Justin and the Comm-Tech team on this important milestone. Their deep customer relationships and commitment to innovation made the business a highly attractive platform for a strategic acquirer. It has been a pleasure to help shape this partnership with Your.Cloud, and we’re confident it sets Comm-Tech up for continued success in the years ahead.” Comm Tech Managing Director Justin Millar commented: “Embarking on the sale of Comm-Tech was a major milestone for the shareholders of the business and I, and selecting the right advisor was absolutely pivotal to our success. Evolution Capital’s sector insight, commercial understanding and clarity of information and process throughout made a real difference at every stage. It felt like EC were a true extension of our team, and together, we delivered a fantastic outcome for the business” This deal further demonstrates Evolution Capital’s track record of creating exceptional outcomes for shareholders and leadership teams in the telecoms, IT and cloud services space, particularly in cross-border, strategic transactions where cultural alignment and long-term growth are prioritised. More than 2 results are available in the PRO version (This notice is only visible to admin users) Latest Posts Post template November 27, 2025 No Comments Inside the serial acquirer’s playbook: How EC Analytics Transforms FDD November 20, 2025 No Comments Evolution Capital’s EC Analytics Platform Attracts Global Attention November 20, 2025 No Comments Categories Analytic Services (3) Business Sale (3) Buy-Side (1) Financial Due Diligence (1) Sell-Side (2) Popular tags Acquisition Strategy (1) CFO (1) Cyber Security (1) Due Diligence Coordination (1) EC Analytic (1) Managed IT (1) Telecoms (4) Virtual CFO (1) VoiP (1) Social Media Our Blog Related Articles View all blog posts Analytic Services, Business Sale, Sell-Side Post template November 27, 2025 Financial Due Diligence Inside the serial acquirer’s playbook: How EC Analytics Transforms FDD November 20, 2025 Analytic Services, Business Sale Evolution Capital’s EC Analytics Platform Attracts Global Attention November 20, 2025 Analytic Services Evolution Capital advise dbfb in the successful acquisition of Totally Converged Solutions in values-led deal, backed by Santander UK November 20, 2025 Sell-Side Transformational Deals: How Ambitious Leaders Achieve Exceptional M&A Outcomes November 20, 2025 What does Evolution Capital do? We specialise in advising Technology, IT and Telecoms business owners on business sales, acquisitions and strategic growth. Our work includes valuation, exit planning, due diligence, market intelligence and full end-to-end transaction support. What types of companies do you work with? We work exclusively with owner-managed and mid-market businesses in the Technology, IT, Telecoms and Managed Services sectors. Our clients typically generate between £2m–£50m+ in annual revenue. When is the right time to start planning a sale? We specialise in advising Technology, IT and Telecoms business owners on business sales, acquisitions and strategic growth. Our work includes valuation, exit planning, due diligence, market intelligence and full end-to-end transaction support. What does Evolution Capital do? We specialise in advising Technology, IT and Telecoms business owners on business sales, acquisitions and strategic growth. Our work includes valuation, exit planning, due diligence, market intelligence and full end-to-end transaction support. What does Evolution Capital do? We specialise in advising Technology, IT and Telecoms business owners on business sales, acquisitions and strategic growth. Our work includes valuation, exit planning, due diligence, market intelligence and full end-to-end transaction support. We specialise in advising Technology, IT and Telecoms business owners on business sales, acquisitions and strategic growth. Our work includes valuation, exit planning,
Evolution Capital’s EC Analytics Platform Attracts Global Attention
Earlier this month, Ian Fishwick and Sam Godfrey of Evolution Capital were featured on the NZ365 Guy Podcast – the largest Microsoft-centred podcast in Asia, with an audience reaching well over 400,000 professionals and decision makers. Broadcast from New Zealand, the episode explored the growing international interest in EC Analytics, the proprietary platform developed by Evolution Capital to modernise and streamline the financial due diligence process. The conversation began with Ian’s reflections on a major transaction he led in 2023, in which the financial reporting alone ran to 300 pages. It was a familiar challenge to anyone who has been involved in M&A: dense documentation, static formatting, and the inevitable search for critical information buried within. “In a world where technology gives us instant access in every other sphere, I no longer wanted to spend my weekends hunting through hundreds of pages to make sense of the data,” Ian noted. That insight gave rise to EC Analytics, a platform designed to allow acquirers and stakeholders to interact directly with the data, interpret it in their own financial language, and update it as required without resorting to costly new reports. The podcast highlighted three key flaws in conventional due diligence and how EC Analytics addresses them: It provides dynamic interactivity, replacing passive reports It reconfigures financials in the buyer’s preferred format It delivers live, up-to-date data with the press of a button Available in two formats – Virtual CFO for single-entity companies and CFO Assist for more complex group structures – EC Analytics is fast becoming a benchmark for modern dealmaking. That the platform is now attracting attention from the farthest corners of the globe is a testament to its relevance, its functionality, and the practical expertise that underpins it. To listen to the podcast, search for NZ365 Guy wherever you get your podcasts.
Evolution Capital advise dbfb in the successful acquisition of Totally Converged Solutions in values-led deal, backed by Santander UK
Evolution Capital advise dbfb in the successful acquisition of Totally Converged Solutions in values-led deal, backed by Santander UK Evolution Capital is delighted to have advised the shareholders of Northampton-based telecoms and IT managed service provider dbfb in the recent acquisition of Totally Converged Solutions (TCS), a Milton Keynes-based technology company, in a values-led deal that strengthens the group’s presence in a key growth market. The acquisition is a pivotal part of dbfb’s long-term growth strategy, combining strong cultural alignment with clear strategic rationale. Both businesses share a customer-first ethos and a commitment to building long-term partnerships across the region. “This isn’t just about growth – it’s about finding people who share our values and care about delivering great service,” said Simon Pickering, Managing Director of dbfb. “TCS stood out as a business that truly puts its customers first. We’re excited to bring them into the dbfb team.” Andrew Thomas, Sales Director and co-founder of TCS, added: “We’ve always focused on honest relationships and dependable service – and dbfb share that approach. This partnership gives us the backing of a larger business, but without losing what makes us who we are.” The transaction was supported by Evolution Capital, who advised dbfb on business planning, funding strategy, and buy-side acquisition execution. Charlie Futcher, Transaction Manager at Evolution Capital, said: “Working with Simon and the dbfb team has been a fantastic example of how a clear M&A strategy can be successfully implemented. From initiating a long-term relationship with a leading funder in Santander, to identifying a target, in TCS, that fits dbfb’s growth ambitions. I am pleased that Evolution Capital’s collaborative approach has created outstanding outcomes for both buyer and seller. We look forward to continuing our partnership with the dbfb team. It has been incredibly rewarding to be a part of their journey towards value growth and to feel part of the team in their ongoing growth and success.” Following a successful negotiation with Santander for long-term banking support, dbfb is now positioned for sustainable, data-driven expansion in the UK telecoms and IT services sector. Onboarding to EC Analytics will further enhance post-deal integration, provide clearer insights into customer behaviour and whitespace opportunities, and support decision-making at every level of the business. Jon Everitt, Relationship Director, Santander Corporate & Commercial Banking, added: “We are pleased to have supported Database for Business with the acquisition of Totally Converged Solutions Ltd, working alongside Evolution Capital. This deal will allow DBFB to enhance its offering across the UK, providing businesses with better connectivity, telephony and IT solutions – we look forward to continuing working with the team as they grow.” The Evolution Capital team are proud to have advised and supported Simon and the dbfb team throughout the entire lifecycle of this acquisition, which reinforces dbfb’s position as a leading regional provider of connectivity, voice, mobile, and IT services, serving both SMEs and large enterprises with a uniquely personalised approach.