UK lower mid-market firm Zeus Private Equity (ZPE) has backed the acquisition of OneBill Telecom by portfolio company XLN Telecom.
XLN is a fixed line and broadband provider to SMEs in the UK, typically to business with 10 or fewer employees. Zeus backed the management buyout in January 2008, and the acquisition of OneBill, a direct competitor to XLN, has created on the largest independent telecommunications providers in the UK. The combined business has over 100,000 customers.
Tony Dickin, ZPE partner and non-executive director at XLN, said: “The acquisition of OneBill Telecom will consolidate XLN’s position in the telecoms market, making it one of the UK’s largest independent providers. The operational synergies between the two companies will enable rapid and successful integration, and the combined expertise of the management team will ensure continued organic growth, maximising the combined group’s financial performance and significantly increasing shareholder value.”