£12m buys 75% stake at B2net

Swedish reseller Proact IT Group AB has bought a major foothold in the UK market with a 75% acquisition of Chesterfield-based IT storage company B2Net, in a deal worth £12 million.

Andrea Cropley, the Nabarro partner who led the team advising B2net, said: “The move makes Proact one of Europe’s leading specialists in storage and archiving, in a deal that also leaves open the possibility of Proact buying the remaining 25% of B2net at a later date.”

Paul Hardy of Hardy Transaction Management Ltd commented: “B2Net is a high profile business in the South Yorkshire and North Derbyshire region and one of the larger employers in the Chesterfield area. We were delighted to win the mandate to advise the majority sellers in this important cross-border transaction. The structure of the deal was necessarily complex and a great deal of professional care and co-operation amongst the advisers was required to deliver the right framework for the majority sellers to transact.”

B2net has around 145 employees in five locations in the UK with a turnover of approximately £48 million.