Langleys has advised cloud-based IT services and solutions business adept4 on its sale to Pinnacle Technology Group, the AIM-listed IT service provider.
Pinnacle acquired adept4 for an initial consideration of £4.5m in cash plus deferred and earn-out consideration of £2.5m. The acquisition was part-financed through the issue of £5m loan notes to the Business Growth Fund.
Adept4 is based in Warrington while Pinnacle is headquartered in Northampton with offices in Dewsbury, Leeds and London. Pinnacle intends to change its name to adept4 plc.
Langleys acted on behalf of vendors Peter Birkett, Steven Cosgrove and Paul Talbot of adept4.
Christian Hunt, partner at Langleys, said: “adept4 has established a reputation for providing a great service to its clients, and as such will provide an excellent fit with Pinnacle. We’ve been delighted to work with the shareholders of adept4 on this transaction."