Business telecoms services provider Daisy Group has appointed a new CEO, Neil Muller, after most of its shareholders accepted a takeover offer from a management-led consortium.
Matthew Riley, Daisy’s founder and current CEO who fronted the buyout,…
Business telecoms services provider Daisy Group has appointed a new CEO, Neil Muller, after most of its shareholders accepted a takeover offer from a management-led consortium.
Matthew Riley, Daisy’s founder and current CEO who fronted the buyout, will become executive chairman in February 2015.
Muller, who is currently the UK MD for European IT services provider Computacenter, has been appointed with a mandate to expand Daisy’s growth in the IT space and its managed services portfolio.
In a company statement, Muller commented: “The converging world of telecommunications and IT represents a host of exciting opportunities and Daisy is in a prime position to evolve and adapt its existing capabilities, addressing new market dynamics and mid-market customer needs.”
Riley said he would be working closely with Muller and the management on Daisy’s strategic development and growth.
Daisy’s buyers, which also include Toscafund Asset Management and Penta Capital, are taking the company private for £494m (US$796.7m). Earlier this week, the consortium declared its £1.85 (US$2.98) per share offer unconditional as it had either acquired or received acceptances for 97.85% of Daisy’s shares.
It is now making plans to de-list Daisy from AIM, the sub-market of the London Stock Exchange for smaller companies, by 20 January 2015.
Liberum is providing financial advice to Daisy’s independent directors on the deal, while Oakley Capital Corporate Finance is the company’s financial adviser. The consortium is advised by JP Morgan.
Daisy, which provides hosting, broadband internet and voice services, reported revenues of £352.68m for the year ended 31 March 2014 and an operating loss of £17.86m.
