News
APRIL 2025
Alpha Advisory collaborates with Boardwave to launch "Optimising Your Exit"
Alpha Advisory is delighted to have collaborated with Boardwave, the networking community for European software leaders, to launch “Optimising Your Exit”, an in-depth masterclass series designed to demystify the entire exit process. This series provides invaluable insights from both strategic and private equity buyer perspectives. Over eight comprehensive sessions, hosts Joel Greenwood and Phill Robinson (CEO and Co-Founder of Boardwave) engage with industry experts, including CEOs, private equity investors, investment banking advisers, and founders who have successfully exited their businesses.
Thank you to the representatives of all of the software companies, PE firms and advisers who contributed to the series including Arma Partners, Bank of America, Crosslake, Deloitte, EQS, Forterro, The Foundry, Harvest SA, Jefferies, Liberty Corporate Finance, Livingbridge, McKinsey, Rothschild & Co and Thoma Bravo.
DECEMBER 2024
Alpha Advisory supports MetaCompliance, generating a 5.5x return for Tenzing
Alpha Advisory is pleased to have acted as retained board adviser to MetaCompliance, a leading European Human Risk Management platform and a portfolio company of Tenzing, culminating in the sale of a majority stake to Keensight Capital*.
Founded in 2005 and headquartered in Northern Ireland, MetaCompliance specialises in cybersecurity awareness and compliance software. The partnership with Keensight Capital marks an exciting new chapter and follows a highly successful period of growth under the ownership of Tenzing, which has supported the business since 2021.
MetaCompliance is the first exit from Tenzing’s second fund (£400m, 2021), generating a return of 5.5x invested capital and a 53% IRR.
Alpha Advisory worked with MetaCompliance to help prepare for an exit. Its role included acting as an independent adviser to the board in relation to a transaction; providing advice on refining its equity story; early engagement with potential acquirers; and assisting the board in selecting a sell side investment bank and other advisers.
James Mackay, CEO of MetaCompliance commented: “Joel helped guide us through the exit process and made a big impact on the outcome, which we are delighted with. He became an integral part of our team and was instrumental in developing an exit plan and aligning our key stakeholders. He helped us to refine our equity story and facilitated initial interactions with potential investors. He has been a pleasure to work with and I have particularly appreciated his advice and support on a day to day basis.”
Alpha Advisory helps clients to attain a premium valuation at exit. Since it was founded in 2020, it has advised clients on exits with an aggregate deal value of £2bn. Alpha Advisory works as a retained board adviser, bringing sector led investment banking expertise, repackaged in a traditional “UK Merchant Banking” style, with its emphasis on being a long term trusted board adviser. Alpha Advisory’s role is complementary to a sell side investment bank.
JULY 2024
Welcoming Daniel Havercroft to Alpha Advisory
We are delighted that Daniel Havercroft has recently joined Alpha Advisory as a partner.
Daniel brings over 25 years of investment banking experience and joined the firm in April from Houlihan Lokey, where he was a Managing Director in the Technology team. He was previously a Partner at Oakley Advisory, providing M&A advice to technology, telecoms and online businesses.
We have known Daniel for several years and he is extremely well regarded as a leading Technology sector M&A adviser. We are delighted to have attracted someone of his calibre to join Alpha Advisory and look forward to working with him to grow our business together.
JUNE 2023
Azets Group secures investment from PAI Partners to join HG and support next phase of growth
Alpha Advisory is pleased to have acted as board adviser to Azets Group (“Azets”), backed by Hg Capital (“Hg”).
Azets Group, a leading provider of business-critical accounting, tax, payroll, audit and advisory services to SMEs, has announced* that PAI Partners (“PAI”), a pre-eminent private equity firm, has joined the business as a new investor. Following completion, PAI will hold an equal and co-controlling stake in Azets alongside Hg, a leading investor in European and transatlantic software and services businesses.
Azets was formed by Hg six years ago, in response to the growing digitalisation of financial compliance processes for SMEs. Since then, it has grown significantly to become one of the largest tech-enabled providers of professional advisory, financial and accounting services to SMEs globally. It has acquired more than 90 local providers since inception. Today, Azets’ 7,600 professionals support over 93,000 clients and generate revenues of approximately £700 million.
Azets is now backed by two leading private equity investors: PAI, with its deep sector expertise in Business Services, and Hg, with its longstanding heritage in software and services investing. Both investors have a strong track record of partnering with management teams to rapidly scale businesses and create global industry leaders. With this support, Azets is well placed to continue its successful growth strategy, deepening its presence in new and existing markets through a combination of organic growth and M&A.
Alpha Advisory worked with Azets for a period of 16 months prior to the transaction. Its role included acting as an independent adviser to the Azets board and leadership team in relation to a transaction; providing advice on Azets’ strategic positioning and refining its equity story; and assisting the board in selecting a sell side investment bank.
Chris Horne, Group CEO at Azets commented: ”I am delighted at this outcome and hugely excited for the next stage of our journey, with the backing of Hg and PAI. This transaction has been the culmination of an intensive process, throughout which you played a key role by helping us to tell our exciting story and providing an independent external perspective. It has been a great pleasure to work together and I have personally really appreciated having you as a sounding board. Thank you for all your advice and guidance along the way.”
DECEMBER 2021
Celebrating a successful exit for Content+Cloud, an Alpha Advisory foundation client
Alpha Advisory is pleased to have acted as retained board adviser to Content+Cloud ("C+C"), backed by ECI Partners, culminating in its sale to Advania, a portfolio company of Goldman Sachs Asset Management.
The combination of C+C and Advania represents a significant milestone in the development of the European cloud market, creating a leading digital transformation and public cloud services provider with an extensive geographic footprint across the UK and Northern Europe. The transaction represents an exciting opportunity for Peter Sweetbaum and the C+C management team who will play a key role in Advania’s future, whilst generating a return for ECI Partners of 4.1x and an IRR of 32.1%.
Alpha Advisory worked with C+C to help generate “alpha” and achieve a premium exit outcome. Its role included:
· Advice on strategic positioning and refining C+C’s equity story
· Assistance with the acquisition of Sipcom and building C+C’s M&A pipeline
· Advice on appointing a sell side investment bank and other transaction advisers
· Early engagement with potential strategic and PE purchasers
· Advising the C+C board on matters relating to M&A and exit
Peter Sweetbaum, CEO of Content+Cloud commented: ”I am incredibly appreciative of all you have done for C+C. Over the last 15 months you have been a trusted partner in helping us to not only deliver and execute our M&A plans, but to help refine our strategic positioning and trajectory. It’s been an extraordinary journey and I am delighted at the outcome. Thank you for your advice and guidance along the way.”
JANUARY 2021
Introducing Alpha Advisory
I am writing to introduce my new firm, Alpha Advisory, which I recently established to advise businesses on driving “alpha” and attaining a premium valuation on exit. Alpha Advisory addresses a gap in the market to provide high quality strategic advice to PE backed businesses. It brings sector led, investment banking expertise, repackaged in a more traditional “UK Merchant Banking” style, with its emphasis on being a long term trusted board adviser.
Alpha Advisory’s approach to driving alpha focuses on strategic value creation (maximising exit multiple) and exit positioning (aligning in the cross hairs of the best buyers). These are typically longer term initiatives that require a sustained focus over time. Alpha Advisory works with clients on a retained basis, providing strategic advice, industry insight and market connectivity. Alpha Advisory’s role is complementary to a sell side investment bank and part of the proposition is to help clients select a sell side adviser and monitor the sale process.