Adapt Receives £30M Investment from Lyceum Capital
Founder Peter Knight has reinvested alongside Lyceum.
The company intends to use the proceeds to grow organically and through acquisitions.
According to a written statement, Lyceum is backing a new CEO who will join Adapt in the new year from a global managed services provider. Current MD Robert Arrowsmith will become M&A Director. Mark Woodall also joins the team as the new Finance Director.
Knight will remain on the Board in a non-executive capacity.
Established in 2001, Adapt delivers enterprise-class cloud, infrastructure management, network and data centre services to a wide range of mid- market clients that operate business critical IT applications. Clients include PKR, Cubic Transportation, Last.fm, LOVEFiLM and LCH.Clearnet, etc.
The business currently employs over 100 people and has a turnover of £35m.
In conjunction with the deal, Simon Hitchcock and David Harland of Lyceum will join the company’s board.
The transaction represents the exit for Alcuin Capital, which invested in Adapt since 2006.