Alcuin exits Adapt
Alcuin Capital Partners has exited its investment in Adapt, a leading UK managed IT services provider, through an acquisition by Lyceum Capital. The transaction represents a successful exit for Alcuin, who first backed Adapt in an MBO led by Peter Knight in 2006.
Peter Knight founded the company in 2001, as the network services division of a family-owned office products business. Originally branded Mnet, the company developed a very successful hosting and co-location business with revenues of £7 million by 2006.
Rebranded Adapt in 2007, growth continued to be very strong and the product set was expanded to include managed services. The £6 million acquisition of Centric Telecom also increased revenues significantly.
Adapt continued to grow to revenues in excess of £30 million, and this was recognised by its inclusion for four years running in the Sunday Times Tech Track 100 league table which lists the fastest-growing privately owned TMT businesses in the UK.
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