ANS has counted the numbers for year ending 31st March 2016 and have announced a record turnover of £53m with a run rate EBITDA of £8.6m. The news comes after the Cloud Services Provider’s acquisition of specialist connectivity player Eison in January which is now fully integrated into ANS.
ANS is now positioned as a true Cloud Services Provider offering Public, Private and Hybrid cloud solutions with connectivity and management. On the back of this solid performance ANS has agreed a £58m unitranche funding facility with The Royal Bank of Scotland and Muzinich & Co to enable the business to finalise taking the company private, exit various shareholders, incentivise the existing team and create a war chest for further acquisitions.
Scott Fletcher, Chairman and Founder at ANS commented:
“The business has performed exceptionally well and the funding sets us up nicely for our next stage of growth. The recapitalization allows Dave Hutton and Chris Malthouse to exit the business and the handover to their respective teams has been exceptional.
“They leave us in a very strong position looking forward. I thank them for their contribution and professionalism as we put in place the next stage of our development.”
Using this funding stream, a formal takeover code offer has today been made for the business which will enable it to be taken fully private. ANS was formally listed on Plus markets and is therefore subject to the takeover code. Organisations who have been listed are bound by the takeover code for a period of 10 years following delisting.
The offer will become unconditional when 90% of voting shareholders agree to the offer terms. Following completion of the deal, the founders of ANS, Scott Fletcher and Paul Sweeney, remain the controlling shareholders in the business owning around 66% of the business between them.
This exciting news comes off the back of the recent launch of ANS’ RAPID Private Cloud solution, a fully automated factory built platform which has recently been implemented across a number of sectors to transform their IT operations and take them into the digital age.
Paul Sweeney, CEO ANS commented upon this success:
“We’ve had an incredible year so far that’s seen us rank in the Sunday Times Top 100 Best Companies to work for, host a special visit from HRH Princess Anne, acquire and integrate connectivity specialists Eison and win significant new business contracts across multiple sectors.”
“We are really confident about the opportunities ahead of us and I would like to thank the amazing team at ANS for their continued hard work and dedication. We have an incredible buzz across our offices right now, this deal allows us to move forward with our plans and continue to grow ANS whilst rewarding our management and employees.”
The transaction was arranged by Ballard Evans Corporate Finance, due diligence and tax advice was provided by PwC Manchester and legal advice by Addleshaw Goddard Manchester and Weightmans.
Duncan Mayall, Relationship Director at The Royal Bank of Scotland, said: “We have had a relationship with ANS Group since its inception, and it has been a pleasure to work with them and see them progress and prosper over the years. We are delighted to support them again at this important stage in their development.”
Marc Shirman at Muzinich & Co, said: “As fund managers we’re always looking to build strong relationships with firms that have great business models, that are led by insightful management teams and who can fulfil their maximum potential with the benefit of liquidity. ANS fits into that category perfectly – it’s a business with strong foundations and an exciting future.”
Fletcher said “It was massively important to us that we were able to deliver this transaction with a Manchester based team and that’s exactly what we achieved, I would like to acknowledge the hard work of the team and in particular mention Rob Nugent CFO who led the deal from start to finish.”