Evolve Business Group, a leading provider in managed network and IT solutions, has received significant financial backing from BGF.
The investment aims to support Evolve’s ambitious growth plans, both domestically and internationally.
A Milestone in Evolve’s Journey
Evolve Business Group, based in Wigan, has built a solid reputation since its inception in 2005. The company excels in helping businesses reduce costs and simplify service management across various sectors, including retail, hospitality, and petroleum franchises.
In the last four years, Evolve has seen substantial growth. Turnover has increased from £6.8 million to a projected £20+ million this year. Evolve plans to double this figure over the next three years.
Strategic Use of Funds
The financial boost from BGF will enable Evolve to implement ambitious expansion plans in the UK and internationally. The company is particularly focused on growing its operations in the United States, where it currently manages over 1,000 sites across several states, mainly in the fuel forecourt industry.
There are also plans to enter the Quick Service Restaurant (QSR) sector and improve infrastructure with a new warehouse in Wigan.
Workforce Expansion
Since 2020, Evolve has expanded its workforce significantly. The team has grown from 23 to 117 employees.
With the new investment, the company aims to increase its national and international headcount by 40% over the next three years. This growth aligns with its broader expansion goals.
Executive Comments
Alan Stephenson-Brown, CEO of Evolve, shared his thoughts on the investment: “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.”
Expertise and Support from BGF
BGF’s involvement brings a wealth of expertise. Pinesh Mehta and Josh Bean, investors in BGF’s Manchester team, led the deal. Adrian Thirkill will join the board as non-executive chair, leveraging his extensive experience in the ICT sector.
Pinesh Mehta praised Evolve’s strong growth record and experienced management team. He noted that Evolve manages over 6,000 sites globally, spanning 10 countries.
Endorsements from BGF
Pinesh Mehta added, “Evolve has a strong track record of achieving top line growth through a loyal and longstanding customer base. Our credentials, combined with Evolve’s ambition and expertise, makes this an extremely exciting deal.”
BGF has invested over £350 million in the business and support services sector, backing more than 50 companies. This substantial investment underscores BGF’s confidence in Evolve’s potential.
Advisory Teams
Advisers played a crucial role in ensuring the deal’s success. Blacksquare Advisory provided corporate finance advice to the company and its shareholders. Legal advice was given by Squires, while tax advice came from Saffery.
BGF’s advisers included Hill Dickinson for legal matters, Vim Vithaldas for financial due diligence, SBR Consulting for sales due diligence, Hurst for tax, and Holtara for ESG considerations.
The multi-million-pound investment from BGF marks a significant milestone for Evolve Business Group.
With ambitious plans for expansion and a strong executive team, Evolve is poised for substantial growth.
