Wigan-based Evolve Business Group, a specialist in end-to-end managed network and IT solutions, has secured a multi-million-pound investment from venture capital firm BGF.
Founded in 2005, Evolve has built a reputation for helping businesses reduce costs and simplify the management of services across a variety of sectors. These include retail, hospitality, food-to-go (FTG) and petroleum franchises.
In the last four years, Evolve has increased turnover from £6.8 million to a targeted £20 million-plus this year. It hopes to double turnover in the next three years.
“The funding from BGF will allow Evolve to implement ambitious UK and international expansion plans, with a particular focus on growth in the US, where it currently operates over 1,000 sites across multiple states, mainly in the fuel forecourt industry,” said BGF.
“The aim is to expand into the quick service restaurant (QSR) sector.
“In addition, Evolve aims to improve its infrastructure, with the creation of a new warehouse in Wigan, and target further acquisitions to accelerate growth, as well as increase its national and international headcount by 40% over the next three years.
“The company has already grown its workforce from 23 to 117 since 2020.”
Evolve CEO Alan Stephenson-Brown said: “Today’s announcement marks a pivotal moment in Evolve’s journey.
“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.”
The deal was led by Pinesh Mehta and Josh Bean, investors in BGF’s Manchester team. As part of the investment, Adrian Thirkill will join Evolve’s board as non-executive chair. Thirkill was CEO of former BGF-backed business GCI, one of the UK’s largest privately-owned ICT (information and communications technology) service providers.
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.
“Business and support services is a sector that BGF understands inside and out, having invested more than £350 million into it, supporting in excess of 50 businesses.
“Our credentials, combined with Evolve’s ambition and expertise, makes this an extremely exciting deal and we’re delighted to be joining the team as they embark on this exciting chapter.”