UK managed network and IT solutions specialist Evolve Business Group is eyeing US expansion after bagging a “multi-million” pound investment.
Aiming to “taken the pain out of connectivity” for its customers in the retail, hospitality and fuel forecourt sectors, Wigan-based Evolve ranked fifth in IT Channel Oxygen’s recent Fast-Growth 50.
Evolve this morning announced it has bagged investment from BGF, a growth capital investor that counts IT services provider Roc and Microsoft partner Kocho among its other portfolio companies.
Fuelling expansion
Having grown turnover from £6.8m to a targeted £20m-plus over the last four years, Evolve expects to double its top line again over the next three years.
The funding will enable it to expand its US footprint beyond the fuel forecourt industry and into the quick service restaurant sector, it said.
Evolve also plans to target further acquisitions and boost its national and international headcount by 40% over the next three years.
“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,” Evolve CEO Alan Stephenson-Brown CEO said.
BGF background
BGF bills itself as a “minority, non-controlling equity partner with a patient outlook on investments”.
Set up by a group of banks in the wake of the 2008 financial meltdown, it has invested £4bn in 60 companies.
“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,” BGF Investor Pinesh Mehta stated.
“Business and support services is a sector that BGF understands inside and out, having invested more than £350m, supporting in excess of 50 businesses.”
