Tue, 06 Aug 2024 | BUSINESS NEWS
Evolve Business Group, a Wigan-based specialist in managed network and IT services, is set to target UK and international growth, including acquisitions, after securing a multimillion-pound investment from BGF.
The company, which was founded in 2005, helps businesses to reduce costs and simplify the management of their services, working across sectors including hospitality, retail, food-to-go and petroleum franchises.
Over the past four years, the firm has increased its turnover from £6.8 million and is targeting more than £20 million this year. Over the next three years, the company expects to double its turnover.
The BGF funding will enable the business to implement its UK and international expansion plans. The company is particularly focused on growing in the US, where it currently has more than 1,000 sites across several states. Currently, it mainly operates in the US fuel forecourt industry, but is aiming to expand into the quick service restaurant (QSR) market.
The company is planning acquisitions as it seeks to further accelerate growth, as well as creating a new warehouse in Wigan and increasing its total headcount by 40 per cent over the next three years.
Evolve Chief Executive Alan Stephenson-Brown commented: "The investment from BGF is not just a testament to our robust growth and the confidence of our investors, it’s also a strategic step forward in advancing our mission to innovate in our industry, and take the pain out of connectivity for our customers.”
"We are excited about the opportunities this investment will unlock and remain committed to delivering unparalleled value to our stakeholders."
"BGF has the right level of experience we need as an ambitious and fast-growth business, with the added benefits of a dedicated value creation team and strong network. Its strong reputation for supporting dynamic and exciting businesses on a wide range of growth strategies makes them an ideal partner as we enter the next phase of our growth journey."
BGF investors Pinesh Mehta and Josh Bean led the deal, which will see Adrian Thirkill, Chief Executive of former BGF-backed business GCI, join Evolve’s board as non-executive chair.
Pinesh Mehta said: "Evolve has a strong track record of achieving top line growth through a loyal and longstanding customer base that spans 10 countries, with over 6,000 sites now managed by the business across the globe.”
"That strength and depth, in both proposition and presence, is driven by a highly experienced management team who have the experience to a scale a business in a robust marketplace that has significant potential.”
Discover more about the range of financing options available to businesses seeking to grow through acquisitions
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