The £30 million SME fund stepped in at Chesterfield-based Redhall Networks following the appointment of administrators Chris Petts and Sarah O’Toole of Grant Thornton UK LLP over Redhall Networks and Redhall Group.
The investment in Redhall Networks is the first completed by Enact Fund II with Enact stepping in to back the management team of Gavin and Simon Rabbitt, providing significant working capital to support its growth plans and enable the business to take advantage of the opportunities in the sector with the roll out of 5G.
Redhall Networks is a service provider to the mobile telecommunications and broadcast sectors providing service, maintenance and upgrade of the mobile phone infrastructure and the commissioning and integration of 2, 3, 4 and 5G networks.
Chris Cormack, Partner leading the Enact fund, joins Redhall Networks board and will support the existing management team.
“Redhall Networks was a profitable standalone business within the Redhall Group with a very experienced management team,” said Mr Cormack.
“The issues experienced at group were completely unconnected to this business and we are delighted to have the opportunity to support Gavin and Simon and provide certainty to the business going forward. The investment was completed in five working days which is testament to the hard work of all parties involved.”
Mr Cormack added that the fund was in advanced discussions with a number of other businesses and that it was “hopeful of announcing further transactions shortly”.
Enact was advised by Simon Pilling, James Cook and Rebecca Ridley of Womble Bond Dickinson. The Grant Thornton team was led by Chris Petts and James Bulloss and advised by John Alderton and Charlie Draper of Squire Patton Boggs.