BEECH TREE PE BACKED PORTFOLIO COMPANY WAVENET

PRESS RELEASE

BEECH TREE PRIVATE EQUITY BACKED PORTFOLIO COMPANY WAVENET ANNOUNCES THE ACQUISITION OF TALK INTERNET

5 April 2017

Beech Tree Private Equity (“BTPE”) today announces the first acquisition for portfolio company Wavenet

Following the MBO in August of last year, Wavenet today announces the acquisition of Talk Internet Limited, a Manchester based provider of network and cloud services. The acquisition strengthens Wavenet’s presence across the UK and brings new features to its portfolio that will benefit both new and existing customers.

Bill Dawson, CEO of Wavenet commented: “This is a fantastic opportunity for both customers and employees of Talk Internet and Wavenet. Our increased scale and resources will deliver a broader product set, a more robust and automated technical platform, stronger supplier relationships and a better customer experience which will help give all our customers a competitive edge. I am truly delighted and hope to make further announcements as we continue to exploit our financial resources to grow our business organically and seek further strategic acquisitions”.

Paul Franks, Managing Partner of Beech Tree Private Equity commented: “We backed the management buy-out of Wavenet just over 6 months ago. Since the original deal we have built a super senior team and platform upon which to build Wavenet, not only through organic growth but through a series of acquisitions. The acquisition of Talk Internet is the first step along the “buy and build” journey and we are delighted to welcome Talk Internet to the Wavenet group. We will be announcing further acquisitions as the year progresses”.

Deal Advisors

Legal: Higgs & Sons (Richard Griffiths)

Dow Schofield Watts (Ed Brentnall and Nick Bolton) provided financial due diligence services

Bank: RBS (Deepak Parekh)

About Beech Tree Private Equity:

Beech Tree Private Equity is a private equity firm providing capital and expertise to fast growing businesses across the UK. BTPE invest £10-30 million into high growth companies typically valued at between £10 and 75 million. The business was founded by two experienced private equity investors, Andy Marsh and Paul Franks, who have over 25 years’ experience in regional private equity targeting high growth sub-sectors. Beech Tree Private Equity invests in businesses operating in high growth markets or with disruptive business models which, with additional capital and expertise, can take advantage of the dynamics of an attractive business model and an expanding market.

About Talk Internet:

Established in 1995, Talk Internet’s expertise is in connectivity, Infrastructure as a Service (IaaS), software defined data centres, cloud services including SaaS and a comprehensive range of associated technologies. Talk Internet was owner managed prior to this transaction.

About Wavenet:

A leading UK provider of business voice and data solutions, boasting a proprietary carrier grade network with a market leading product set with a commitment to excellent customer service. Wavenet was the subject of an investment of over £30million by Beech Tree Private Equity in August 2016.

Enquiries:

Please direct enquiries to:

Beech Tree Private Equity:

Paul Franks (paul.franks@beechtreepe.com or 07802 188775)

Adam Rudd (adam.rudd@beechtreepe.com or 07825 008 067)

More information can be found at www.beechtreepe.com

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