Evolve Business Group, a Wigan-based company specialising in managed networking and IT solutions, has secured a multi-million pound investment from BGF, a leading growth capital investment firm in the UK and Ireland.
Founded in 2005, Evolve has built a reputation for helping companies reduce costs and simplify service management across a variety of sectors, including retail, hospitality, food-to-go (FTG), and petroleum concessions.
Over the past four years, Evolve has seen significant growth, with sales rising from £6.8m to over £20m expected this year. The company aims to double this figure over the next three years. The new funding from BGF will support Evolve’s ambitious plans to expand in the UK and internationally, with a particular focus on the US, where it currently operates over 1,000 petrol station sites and plans to expand into the quick service restaurant (QSR) sector.
The investment will also enable Evolve to strengthen its infrastructure with a new warehouse in Wigan, continue to make acquisitions to accelerate growth, and increase its national and international headcount by 40% over the next three years. Since 2020, Evolve has expanded its workforce from 23 to 117 employees.
“Today’s announcement marks a pivotal moment in Evolve’s journey,” commented Alan Stephenson-Brown, CEO of Evolve. “The investment from BGF is not only a testament to our strong growth and the confidence of our investors; it is also a strategic step forward in furthering our mission to innovate in our industry and alleviate the pain of connectivity for our customers. We are excited about the opportunities this investment will open up and remain committed to delivering unparalleled value to our shareholders.”
“BGF has the right level of expertise we need as an ambitious and fast-growing company, with the added benefits of a dedicated value-creating team and a strong network. Its strong reputation for supporting dynamic and exciting companies across a wide range of growth strategies makes it an ideal partner as we enter the next phase of our growth journey,” he added.
The deal has been led by BGF’s Manchester-based team, Bineesh Mehta and Josh Bean. As part of the investment, Adrian Thirkell will join the board as non-executive chairman. Thirkell, the former CEO of GCI, one of the UK’s largest privately owned ICT services providers, brings extensive sector and strategy experience to the board.
BGF investor, Binch Mehta, added: “Evolve has a proven track record of delivering significant growth through a loyal, long-term customer base spanning 10 countries, with over 6,000 sites now operated globally. This strength and depth, both in proposition and presence, is driven by a highly experienced management team with the expertise to scale the business in a strong market with significant potential. Business and support services is a sector that BGF understands inside and out, having invested over £350m, supporting over 50 businesses. Our credentials, combined with Evolve’s ambition and expertise, make this a very exciting deal, and we are delighted to join the team as they embark on this exciting chapter.”
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