GCA Altium is now part of Houlihan Lokey

Transaction Details

April 12, 2021


Business Services

Deal Type


Deal Team

Oliver Vaughan, Arthur Callaghan, Shin Murai

GCA Altium advises Panasonic Europe on the sale of ADComms

GCA Altium acted as exclusive financial advisor to Panasonic Europe on its disposal of ADComms, a specialist in solutions and services to operators of mission-critical infrastructure within the UK rail sector.

Founded in the UK in 2011, ADComms is an established leader in the design, installation and maintenance of systems with a range of applications, including safety, security, customer experience and communications infrastructure. The company has a number of key contracts across the UK, including delivery of systems solutions for multiple projects with London Underground, Mersey Travel and Northern Rail.

Following a group-wide strategy review, Panasonic elected to exit from its direct operations within the UK and European rail sectors and appointed GCA Altium to advise on the carve out of ADComms from its European operations.

ADComms has been acquired by Mutares, who have an existing presence in the UK rail sector via Gemini Rail Group, which has been part of their portfolio since 2018.

Carl Pocknell, Managing Director of ADComms, commented: “Finding the right partner to support and invest in the future of ADComms has great importance for Panasonic, our customers, and the users of UK railway services. GCA Altium were excellent in finding and delivering that partner. They provided outstanding support to us throughout the transaction and I am delighted with the outcome – and excited to start the next chapter for ADComms.”

Oliver Vaughan, Managing Director at GCA Altium, added: “It has been a pleasure working with Panasonic and the ADComms team on this transaction. The company has great opportunities ahead of it as the UK continues to invest in its railway infrastructure, and we look forward to watching ADComms grow in the coming years.”

The transaction marks the seventh completion within UK Business Services so far in 2021.

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