Wholesale communications provider, Entanet has secured £6 million investment which it says will 'greatly support its competitive development' in the UK connectivity services market.
Mid-market equity investor Mobeus Equity Partners is making the investment to support the £14 million management buyout. Entanet’s founder, Jason Tsai, will remain a significant shareholder.
Entanet currently lets more than 2,000 partners offer a range of connectivity options to predominantly business customers, from copper and fibre broadband services to tailored IP Virtual Private Networks (IP VPNs) and standalone Ethernet circuit solutions.
Elsa Chen, Managing Director of Entanet, stated: “Mobeus is a highly-respected mid-market equity investor and we see this investment as a major vote of confidence in the long-term prospects for Entanet’s business. It will strengthen our strategy of building a solid loyal partner channel that is capable of driving steady, stable and sustainable growth over the long term. It will also support the continuing investment we are making in our network and in developing and delivering new services that enable our partners to offer more choice and value to the widest range of customers.”
Ashley Broomberg, Partner at Mobeus, commented: “Entanet has a great reputation and a sound and proven business model. We are delighted to provide our support for the company’s growth plans and look forward to working with the management team to build on its firm foundations in the growing connectivity services sector.”
As part of the transaction, Mobeus has introduced non-executive director Richard Atkins as investing chairman to advise Entanet at a strategic level. He was previously non-executive director of Global Crossing UK plc, Morse plc and MessageLabs Group Ltd.