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Investec funds Telinet acquisition

Article Date:  Jun 02 2008

Telinet, a group of companies offering outsourced information and communications technology (ICT) services, has bought Pasporte, a Surrey-based business which provides similar services. The deal was supported with £11 million of preferred equity finance from Telinet’s existing backer, Investec Growth and Acquisition Finance.

The management of Telinet, led by chief executive Paul Cosgrave, also invested in the deal. Cosgrave comments: ‘The Pasporte proposition and its very strong management team significantly strengthen our service offerings in managed telecommunications and information technology solutions.’

Investec funded the buy-out of Telinet in 2006 with a combination of debt and minority equity. The firm also backed the company’s recent acquisitions of Newburn Consulting and Evolution Voice and Data, respectively an ICT consulting and managed services business based in Swindon and a London-headquartered specialist in internet-based voice and data networks.

Telinet’s strategy is to exploit opportunities brought about by the convergence of the IT and communications sectors. The enlarged group has revenues of approximately £35 million.

Investec is a private bank whose growth and acquisition finance division provides funding of between £4 million and £25 million to entrepreneurs and management teams.

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