Exeter-based tech firm WiFi SPARK is aiming to accelerate its growth plans after being acquired by a leading Canadian investor.
The Matford Business Park based business has been snapped up by Kinetic Solutions Limited, a UK subsidiary of the huge Volaris Group.
WiFi SPARK is a leading specialist in providing commercial WiFi solutions across a range of sectors, including healthcare, transport and retail from shopping centres to stadiums, rail networks, hospitals and large venues.
Volaris is an Ontario-headquartered investment company which says it is very different from private equity firms and venture capitalists.
It is an active acquirer of technology companies in a diverse range of vertical markets and is globally ranked as a Top 50 lower middle market software investor.
It says it “acquires, strengthens and grows vertical market software companies” and boasts it never sells businesses it takes over.
Volaris has a presence in North and South America, Europe, South Africa, India, China, other Asian countries and Australia and New Zealand.
The corporate finance team at South West accountancy and business advice firm PKF Francis Clark and corporate legal team at South West law firm Foot Anstey advised WiFi SPARK’s shareholders, headed by managing director Matt O’Donovan, on the sale of the business.
Mr O’Donovan said: “I am very excited about the future for WiFi SPARK and look forward to further driving the business forward alongside the team at Volaris.
“I believe that the Volaris Group will further strengthen the offering and create significant opportunities to the benefit of all our customers and people.
“We are very grateful for the expert advice and guidance provided by PKF Francis Clark and Foot Anstey throughout the process.”
PKF Francis Clark’s team comprised Andrew Killick and Matt Willmott. Mr Killick said: “We have worked with WiFi Spark for many years, and are delighted to have assisted them on the sale of the business.
“This is a fantastic example of a post-Covid lockdown deal where we are seeing active acquirers looking for strategic purchases of high quality businesses.
“This transaction demonstrates that companies with strong fundamentals, and in sectors that have not just survived but thrived, are still undertaking transactions and provide opportunities for shareholders to realise value.
“For many business owners it could be that now is the right time to be thinking about future exit plans, especially in light of potential Capital Gains Tax changes.”
Foot Anstey’s team comprised Duncan Sykes, Dan Schofield and Dominic Cromwell. Mr Sykes said: “As long-standing advisors to WiFi SPARK it was fantastic to help deliver the transaction with PKF Francis Clark and enable shareholders to achieve their goals. We look forward to watching the business continuing to thrive within the new group.”
