Sale of Next Connex to Wifinity

I would like to thank the team at Blacksquare Advisory for their guidance and ensuring that we achieved the maximum shareholder value. Selling your business is a very emotional experience which I certainly was not prepared for and without their professional advice, knowledge and expertise we would never have got the sale over the line.

Mark Fitchew
Shareholder of Next Connex

Blacksquare Advisory advised the shareholders of Next Connex, a provider of network and connectivity services to data centres, on the sale of the business to LDC backed, Wifinity Group

Value: Not disclosed
Location: London South East
Acquirer: Wifinity Group

Headquartered in Surrey, Next Connex specialises in providing SMEs with reliable network, connectivity and internet infrastructure services.

The shareholders had initially earmarked 2024 as the point at which they would explore a sale of the business, however at the end of 2022, an off-market approach was made by Wifinity Group to acquire the business.

Through its wireless internet services, Wifinity provides a range of connectivity solutions across multiple industries.

In recent years, Wifinity has made a number of strategic acquisitions, adding complementary services to its portfolio. LDC supported the MBO of Wifinity in 2021 with buy-and-build being a key pillar of future growth in the business.

Next Connex enables Wifinity to enhance its product and service offering, expanding the range of technical expertise delivered to clients.

Blacksquare Advisory was initially appointed to manage the off-market discussions and negotiations with Wifinity, and prepare the information and data on which an offer could be based.

Wifnity’s proposal was sufficiently attractive for the shareholders of Next Connex to commit to an exclusive process.

Following a thorough due diligence exercise, the transaction reached a successful conclusion with the headline price remaining the same from the initial non-binding offer through to completion.

LDC-backed Wifinity acquires network connectivity provider Next Connex