Mail Metrics, a customer communications technology provider serving financial and regulated industries, has acquired Adare SEC, a leader in multi-channel communication management.
This strategic move accelerates Mail Metrics’ expansion into the UK market while solidifying its reputation as a trusted provider of digital and printed communication solutions.
Mail Metrics has achieved remarkable growth in recent years, with revenue growing from €1 million in 2019 to a projected £175/€210 million proforma in 2024. The acquisition of Adare SEC, which operates from sites in Huddersfield, Leicester, and Glasgow, increases Mail Metrics’ workforce from 150 to 600 employees, and marks the company’s fourth acquisition in four years.
As part of the deal, MML Growth Capital Partners Ireland has invested a substantial amount in Mail Metrics for a minority stake. The deal is also backed by Bank of Ireland and AIB.
Nick Keegan, Group CEO UK & Ireland, Mail Metrics, said: “This is a landmark day for Mail Metrics as we welcome Adare SEC into our group. Tony Strong and his team have built an exceptional business with a stellar reputation in the market.
“This acquisition is a natural step in our scaling journey, combining our strengths to deliver innovative and compliant communication solutions for our growing client base across the UK and Ireland.
“I would like to extend my gratitude to our financial backers who have made this deal possible. MML Ireland, our new private equity partner, and our banking partners at Bank of Ireland and AIB have provided invaluable support throughout the process.
“Their collective confidence in our vision and commitment to this acquisition has been instrumental in bringing us to this successful outcome.
“Additionally, I would like to thank Clearwater, our corporate finance advisors, for their advice, and unwavering support throughout the entire process.”
Chris Walsh, Investment Director at MML Ireland, said: “MML is delighted to back Nick and his team in this landmark acquisition. Mail Metrics has built a brilliant, customer-focused business underpinned by its own technology.
“The deal brings together two of the leading providers of critical customer communications in the UK and Ireland and we look forward to working with the combined Mail Metrics and Adare SEC team to bring out the best of both businesses and to support them on their continued growth journey.”
Tony Strong, CEO of Adare SEC, said: “This is a fantastic next chapter for the business and I greatly look forward to working with Nick and the team to ensure a seamless transition.
“These are exciting times, and the future looks extremely bright. I want to echo Nick by also thanking our advisory teams EY and Pinsent Masons who have been invaluable during this process.”
Adare SEC’s former Chairman, Peter De Haan, who has owned the company since 2000, will be retiring following the sale. He remarked: “We are immensely proud of all we have achieved under the Adare SEC banner, and we knew that the sale of the company had to be to a business with the same expertise, ambition and deep respect for the industry.
“Mail Metrics is a perfect fit, and the growth to date of the business showcases the talent of Nick and the team. I want to thank Tony Strong and all Adare SEC colleagues across our Huddersfield, Leicester and Glasgow sites for their incredible work in driving the company forward, and I wish the new venture every success.”
Jeremy Harrison, EY M&A Partner, said: “It was a pleasure acting for the shareholders and management of Adare SEC on this sale. Adare is a highly respected and trusted brand in critical customer communications and the combination with Mail Metrics software-led solutions should enable both to prosper greatly in the future.”
