A consortium comprising Quadrant Private Equity Pty Limited and certain members Tristan Sternson, Justin Parcell and Cameron Boog has signed a binding agreement to acquire the Enterprise Services Division from Arq Group Limited (ASX:ARQ) for AUD 35 million on February 11, 2020. The consideration is payable in cash and debt free basis. The sale includes the rights to the Arq brand. At the forthcoming AGM a resolution will be put to shareholders of Arq Group for a change of name. As a result of this transaction, Brett Fenton, who leads ARQ Group’s SMB Division which is the only remaining business, will replace Tristan Sternson as ARQ Group Interim Chief Executive Officer effective immediately. The deal is not subject to any conditions. The transaction is expected to complete on March 2, 2020. Gross cash proceeds of the sale are expected to be AUD 35 million less a final payment of AUD 6 million due to the vendors of InfoReady Pty Limited, which was acquired by the Arq Group in 2016. The final net proceeds will be subject to adjustments for net debt items, working capital and insurance cover. The net proceeds of the sale (after transaction costs) will be applied to reduction of the Arq Group debt. Glen Kanevsky, Stephen Lomas, Sean Holmes, Matthew Fraser of Deloitte Growth Solutions Pty Ltd. acted as financial advisor to Webcentral Group Limited (ASX:WCG) A consortium comprising Quadrant Private Equity Pty Limited and certain members Tristan Sternson, Justin Parcell and Cameron Boog has completed the acquisition of the Enterprise Services Division from Arq Group Limited (ASX:ARQ) on March 2, 2020.