IT firm secures BGF support for acquisitions

Evolve Business Group, a Wigan-based network and IT management services company, is set to expand across the UK and internationally, including through acquisition, after securing a multi-million pound investment from BGF.

Founded in 2005, the company helps businesses reduce costs and simplify service management across a variety of sectors, including hospitality, retail, foodservice and fuel franchises.

The company has grown its turnover from £6.8m in the last four years and is on track to reach over £20m this year. The company expects to double its turnover in the next three years.

The BGF funding will enable the company to implement its expansion plans in the UK and internationally. The company is particularly focused on growth in the US, where it currently has over 1,000 outlets in several states. It currently operates primarily in the US petrol station industry, but intends to expand into the quick service restaurant (QSR) market.

The company plans acquisitions to further accelerate growth, as well as opening a new warehouse in Wigan and increasing its total workforce by 40 per cent over the next three years.

Evolve CEO Alan Stephenson-Brown commented: “BGF’s investment is not only a testament to our solid growth and the confidence of our investors, but also a strategic step forward in our mission to innovate the industry and make it easier for our customers to connect.”

“We are excited about the opportunities this investment will open up and remain committed to delivering unparalleled value to our stakeholders.”

“BGF has the right level of experience we need as an ambitious and fast-growing business, 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 the ideal partner as we embark on the next phase of our growth journey.”

BGF investors Pinesh Mehta and Josh Bean have spearheaded the deal, which will see Adrian Thirkill, CEO of the former BGF-backed GCI, join Evolve’s board as non-executive chairman.

Pinesh Mehta said, “Evolve has a proven track record of driving revenue growth with a loyal and long-standing customer base spanning 10 countries. The company currently manages over 6,000 locations globally.”

“This strength and depth, both in proposition and presence, comes from a highly experienced management team that has the experience to scale the business in a robust market with significant potential.”

Learn more about the range of financing options available to companies looking to grow through acquisition

Share this article