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March 9, 2023 – ETC Group (“ETC”), a leading global provider to the telecom network and technology infrastructure industry, announced today the acquisition of Amadys, a leading provider of end-to-end connectivity solutions in the Benelux, UK and DACH regions. The financial terms of the transaction are not disclosed.
Founded in 1993 by Cédric Varasteh, ETC is a provider of passive and active telecommunications equipment and tools, with leading technical and logistics solutions for network deployment, upgrades, and maintenance. Through its 30 years of extensive industry experience, ETC supports technologies including FTTH, FTTx, HFC, Wi-Fi, 5G/mobile, and data centres. ETC has more than 1,200 employees across more than 40 locations that span 14 countries including the US, France, UK, Germany, Portugal and Poland and supports over 14,000 customers worldwide including major American and European operators and telecommunications service providers. The Group’s comprehensive portfolio of more than 55,000 products from nearly 1,000 industry-leading suppliers, along with its value-added supply chain solutions, supports carriers to deliver seamless high-speed internet, video, data, and voice services to residential, business, and mobile users.
Based in Antwerp, Amadys is a leading system integrator of end-to-end connectivity solutions for the telecom, infrastructure, and energy markets. Amadys serves more than 1,000 blue-chip customers and provides solutions from more than 500 suppliers across the UK, Benelux, DACH regions. The business is led by one of its founders, Hein Wilderjans, and has been majority owned by Equistone since 2019. Amadys’ management team, who are existing shareholders in the business, will reinvest in the transaction. Amadys recently received a gold label certification from EcoVadis, a leading provider of business sustainability ratings, demonstrating Amadys’ strong sustainability credentials, including from a supply chain perspective.
The combination of ETC and Amadys is highly complementary and is expected to provide opportunities for both organizations to leverage enhanced product offerings and capabilities, as well as to realize synergies across the combined business. The unification will also further enhance the management team, bringing together two highly entrepreneurial groups. The combined company’s distribution capabilities will support customers’ active and passive equipment needs for network deployments, upgrades, and maintenance during a time of increasing demand for high-speed connectivity across their combined footprint.
In October 2022, international private equity firm, Cinven, acquired a majority stake in ETC from Carlyle, with Cédric Varasteh and Carlyle Europe Technology Partners (“CETP”) reinvesting in significant minority stakes alongside Cinven.
Cédric Varasteh, Founder and Chairman of ETC, said: “Amadys is an exceptional business which we are very pleased to be integrating into ETC. The combination will further strengthen both companies materially, including across key areas such as product innovation, scale, and geographic reach. We believe that the impact will significantly benefit both customer bases. We are looking forward to working with Amadys’ impressive team. We have much to learn from each other and I’m thrilled about the opportunities that lay ahead as we bring these two great businesses together.”
Hein Wilderjans, CEO and Co-Founder of Amadys, added: “We are excited to be working with ETC in the next stage of Amadys’ development. Since 2016, we have grown almost exponentially, across revenue, employee count and product capabilities. We are looking forward to what we can achieve with ETC’s investment in this new capacity as a combined organization. As our customers know, the central priority of our business has been the commitment to providing the best end-to-end solutions in the market and that will only continue with ETC.”
Thomas Railhac, Partner at Cinven commented: “This is an important milestone in ETC’s growth strategy, with Amadys providing broadened access to key markets, leverageable operational capabilities, and customer diversity. Amadys has grown extremely quickly over the past eight years, and we expect that growth path to continue under ETC’s management. Much like the recent acquisition of BTV Multimedia, Amadys will bolster ETC’s position as a leader in the sector, driving customer-service and value.”
Cyril Bourdarot, Managing Director on the Carlyle Europe Technology Partners (“CETP”) advisory team, said: “We believe the acquisition of Amadys – a high quality business which complements ETC’s existing platform – is another step towards ETC’s goal of creating a global, industry-leading multi-billion dollar provider to the telecom sector. Following the recently announced acquisitions of BTV Multimedia, TIBA, and Klonex-VCS, this deal demonstrates the continued strong momentum ETC has in executing its growth strategy.”
The transaction is subject to customary regulatory approvals.
About ETC Group
ETC Group is a global leader in distribution, logistics, technical engineering, and product design with over 30 years of expertise and performance supporting the telecommunications and broadband industry. Founded in 1993 by Cédric Varasteh, ETC Group supplies and distributes a comprehensive portfolio of passive and active equipment and tools for network deployment, upgrades, and maintenance, supporting all technologies including FTTH, FTTx, HFC, Wi-Fi, 5G/mobile, and data centers. ETC Group employs more than 1,200 people across 14 countries, and serves more than 14,000 customers globally, including in the US, the UK, France, Germany, Portugal and Poland. The Group’s experienced team works hard every day to enable technology and innovation to create a more connected future. To learn more, visit etc.group
About Amadys
Amadys is a leading provider of passive equipment for the telecom and energy sector, with a strong local presence in Belgium, the Netherlands, Germany, the UK, Denmark, Austria, Slovakia and Hungary. As a system integrator of end-to-end connectivity solutions for telecom, electricity, water & gas industries, Amadys offers a one-stop solution to its customers across 11 European countries.
Thanks to the extensive know-how of more than 400 employees and 50,000 square meters of warehouse space, Amadys provides highly reliable networks with fast delivery.
About Cinven
Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.
Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.
Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Limited, the advisor to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.
In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.
For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $373 billion of assets under management as of December 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
Press Contact:
Lindsay Hittner, Director of Marketing
lindsay.hittner@ustc-corp.com
+1 732-718-6283
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