B2net stake sold in £12m Swedish deal
Swedish business Proact IT Group has acquired 75 per cent of Chesterfield-based data storage business B2net in a £12m deal. Proact said the agreement included an option for it to buy the remaining 25 per cent currently held by B2net management.
B2net has about 145 employees in five locations in the UK with a turnover of approximately £48m.
"Over the last decade B2net has become the number one storage integrator in the UK," said B2net chief executive Jason Clark.
"We are now in a period of change and the opportunity to match our skill and expertise with Proact's business model fits our future very well. It makes it possible for us to deliver additional value to our international customers, re-use offerings within the group and share knowledge and experience between the employees.
"The combined entity will ensure we have the maximum opportunity to continue our market leading position."
Proact said the acquisition price was seven times B2net’s EBITA and 0.3 times its turnover. It is the Swedish business' third acquisition in recent months and B2net will be integrated into the business during the second quarter of 2011.
B2net was advised by the Sheffield law firm Nabarro.
