Grant Thornton’s Midlands corporate finance team has advised the shareholders of Scalable Communications on its sale to Alternative Networks.
Alternative agreed to pay an initial £7.5 million plus an estimated £2.5 million if Scalable achieves its growth targets.
Grant Thornton was asked by the founding shareholders of Scalable, Simon Brown and Denny Meijer to advise them on their options following an initial approach by Alternative.
Martyn Pilley, who led the Grant Thornton team, said: “Despite continuing to grow strongly through the recession, the shareholders of Scalable were naturally cautious about committing their time to a transaction process that might not ultimately meet their expectations. We were therefore asked to advise on the value of the business, the potential structure of a transaction and the likelihood of completing a deal in the current market.”
Grant Thornton also provided tax advice to the Scalable shareholders while legal advice was provided by Michael Stace of the Oxford office of Morgan Cole.