Springboard Corporate Finance has advised the shareholders of Proximity Communications on the £12m sale of their business to AIM listed Maintel plc.
About the deal
Proximity is an award winning, unified communications and managed services provider, specialising in voice and data network infrastructure solutions. Proximity works with a number of technology partners and has a diverse customer base across a range of medium and large enterprises. The business is headquartered in Berkshire with a further office in London and provides a nationwide service to clients.
Maintel is an AIM listed provider of unified communications and the acquisition of Proximity was a core strategic investment.
The deal was led for Springboard by Partner Justin Sparks and Assistant Director James Bailey. Commenting on the transaction Justin said “The shareholders have worked hard over a number of years to grow Proximity into a market leading business with substantial recurring revenues and an excellent customer base. We secured a range of competitive offers from a rapidly consolidating market place. We are delighted to have negotiated and delivered the exit and believe that the sale to Maintel represents an excellent deal for both sides.”
How we made a difference
- Identified and engaged with a number of strategic of buyers;
- Managed a competitive sales process obtaining and a range of offers from interested parties;
- Negotiated the terms of the transaction to secure a strategic premium and to secure an all cash deal; and
- Project managed the process throughout to preserve value and secure a successful completion.
Darren Boyce - Former CEO and shareholder, Proximity Communications
We have learned much throughout the transaction but nothing more valuable than the importance of getting the right advisors. We were clear in setting our expectations up front and although demanding, we wanted to ensure the right levels of engagement from the senior team. This commitment was delivered throughout the process and we always had the confidence of knowing that Springboard were at all times working to our fullest benefit. We have enjoyed honest and professional advice throughout and it has been a pleasure working with the team and an experience we would welcome again. We are delighted with the results and have no hesitation in recommending Springboard's service to others.