Adapt Receives £30M Investment from Lyceum Capital

Adapt, a London, UK-based managed IT services provider, has received a £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.

FinSMEs

04/10/2011

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