Acentic GMBH / PhilWeb Corporation & ISM Communications
Cavendish Corporate Finance LLP is pleased to announce the sale of a controlling stake in Acentic, one of Europe’s largest providers of digital television and internet access to 4 and 5 star hotel groups.
The 65% stake owned by GI Partners (a leading private equity firm focused on asset backed investments in North America and Western Europe) was acquired by a new Joint Venture company established by Philippines based Philweb Corporation (WEB) and ISM Communications Corporation (ISM). The controlling stake was acquired for a cash consideration of €19.5 million. The remaining 35% of Acentic will continue to be owned by Niantic Holdings GmbH, a German company controlled by Dr. Andreas Jacobs.
Acentic is an international provider of digital and internet protocol (IP) converged services to hotels. Acentic’s technology and service platform delivers entertainment (including video on demand) and other revenue generation tools which provide a unique communication system that meets the evolving lifestyles of guests. Acentic’s digital television services and high speed internet access are in many of the world’s leading hotel chains including Accor, Dorint, Intercontinental Hotel Group, Hilton, Hyatt, Maritim, Marriott, Mövenpick and Starwood. Operating in more than 30 countries across Europe, the Middle East and Africa, Acentic has approximately 200,000 hotel rooms under contract and is the second largest in-room entertainment service provider in Europe.
WEB and ISM see Acentic as a perfect fit for the information technology and telecommunications business of ISM and the gaming expertise of WEB. The acquisition will enable Acentic to grow its predominantly European market to include the Asia-Pacific region, the fastest growing hotel market in the world.
The transaction was led by Cavendish John Farrugia
Commenting on the transaction, John Farrugia said:
”We were pleased to support Phil Kaziewicz and Forbes Stuart of GI Partners in this transaction. Cavendish generated a significant interest in Acentic from private equity investors across Europe as well as international trade interest. This wide international buyer reach demonstrates the benefit of Cavendish’s membership of M&A International Inc, the world’s leading alliance of corporate finance firms.
The sale of Acentic to WEB and ISM, with their expansion and development plans, is a huge endorsement of the Acentic management team, who have built the business to its current size and will also stay with the new business owners.”
We made absolutely the right choice in appointing Cavendish. Michael Jewell and the team were instrumental in getting us the deal we wanted. I would have no hesitation in recommending them to anyone thinking about a sales process.
Cavendish introduced us to GE and managed the negotiation and coordinated the transaction due diligence. Their involvement was instrumental to the deal being successful.
When looking for an advisor we decided we wanted someone who had specific experience in negotiating within the Private Equity space. It requires some additional skills to those needed in a trade sale and we were lucky to have found in Cavendish, a company that was able to help us.
This marks a significant opportunity for our partners, customers and people as we become part of the global Kyocera family and continue the journey we started back in 1988. When looking for an advisor we wanted someone with an international network and experience of working with buyers both here and overseas. Cavendish had the expertise to facilitate the transaction and the support they provided was invaluable.
The Cavendish team, led by Nick Jones, did an excellent job managing the process and ensuring the smooth closing of the transaction in a timely manner. They were always professional and aligned with our shareholder goals – many thanks to the whole team.
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