Clearwater International UK advises Wavenet on c. €85m debt package

Clearwater International UK has advised Wavenet, a provider of innovative unified communications (UC) solutions and a portfolio company of Beech Tree Private Equity, on refinancing its current banking facilities and raising debt finance to support further acquisitions. A Unitranche facility was provided by funds managed by Ares Management, whilst RBS provided a super senior revolving credit facility.

Founded in 2000, Wavenet has become a trusted supplier to thousands of businesses, covering telephony, internet, cloud, security and mobile. The Birmingham-based business has over 2,000 customers, connecting in excess of 12,000 end points – making them one of the largest UC service providers to SMEs in the UK.

The demand for UC across the SME market is growing rapidly, prompted by a desire to reduce complexity of current infrastructure, lower communication costs and have the ability to scale up or down according to business need. This coupled with the highly fragmented nature of the UC market is helping to drive both organic growth and acquisition activity.