netplan internet solutions acquired by daily internet
Benchmark International has successfully advised the shareholders of Netplan Internet Solutions on the sale of the company to Daily Internet for an initial sum of £2.5m, with additional deferred and performance-related elements due after 12 months.
Established in 2000, Netplan provides internet infrastructure as a service (IaaS), focusing on high security, e-commerce and cloud-based infrastructures. The company’s primary co-location facility is in London Docklands and the company also has a number of data centres including one in Coventry.
Netplan currently has a database of 840 customers and for the year to 30 September 2012 its audited accounts show an EBITDA of £320,000 on a turnover of £1.1m.
Founded in 2006, Nottingham-based Daily provides web-hosting services. Daily is funding the acquisition with a placing to investors on the London Stock Exchange’s growth market, the Alternative Investment Market (AIM). The acquisition represents a strategic move by Daily to gain increased product reach and a strong foothold in its target markets.
Benchmark International’s Managing Director (UK), James Thornton, commented, “The UK web-hosting sector is particularly buoyant at present and our highly targeted marketing efforts to both UK and overseas acquirers generated significant levels of interest, particularly from trade acquirers seeking to gain an increased market share.”
Commenting on the role Benchmark International played, Stuart Gibson (Netplan’s main shareholder) said, “Benchmark delivered everything they promised. From gaining a thorough understanding of the business, they presented it to a host of strategic buyers, generating a lot of interest and allowing us to choose the most suitable buyer for ourselves, the company and its fantastic workforce”.
Working closely with Benchmark International’s Corporate Finance team, particularly in the latter stages of the transaction, he added, “Benchmark stood by us every step of the way, guiding us through some intense negotiations with Daily and its advisers. The team’s help ensured that the deal was completed on terms which were satisfactory to all parties and we look forward to working with Daily’s management team going forward.”
Benchmark International would like to thank everyone involved in the deal and wish them the very best of luck for the future.
Benchmark delivered everything they promised. From gaining a thorough understanding of the business, they presented it to a host of strategic buyers, generating a lot of interest and allowing us to choose the most suitable buyer for ourselves.