Redstone buys Xpert for £25.5m
One-stop telecoms shop
Redstone, the UK telecoms provider, is beefing up its data networking business with the £25.5m cash and shares acquisition of Xpert Group.
We last wrote about Xpert in 2001, when the then Irish-owned reseller switched domicile to the UK on the back of a £12m MBO funded by Lloyds Development Capital.
In its last financial year ended 30 April 2004, Xpert had revenues of £27.4m, somewhat smaller than had been envisaged in the heady days of 2001.
ElectricNews.Net, our content partner, has a potted history of Xpert here.
Post-takeover, Redstone will employ 500 staff, 200 from Xpert, at 10 sites in in the UK and Ireland. The enlarged group will have pro forma revenues of £80m a year.
Redstone expects to save up to £1m a year, through office and infrastructure consolidation, and through improved bulk buying power. The deal will strengthen relationships with "key partners such as Cisco, Avaya, BT Group and HP", it says.
Press release here (PDF). ®