Evolve 老九品茶 Group, a specialist in end-to-end managed network and IT solutions, has secured a multi-million-pound investment from BGF.
Founded in 2005, the Wigan-based company has built a strong reputation for helping businesses to 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 experienced impressive growth, increasing turnover from 拢6.8m to a targeted 拢20m+ this year. It expects to double turnover in the next three years.
The funding from BGF will allow Evolve to implement ambitious UK and international expansion听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. 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 per cent over the next three years. The company has already grown its workforce from 23 to 117 since 2020.
Commenting on the deal, Alan Stephenson-Brown, CEO at Evolve, said:听鈥淭oday鈥檚 announcement marks a pivotal moment in Evolve鈥檚 journey.
鈥淭he investment from BGF is not just a testament to our robust growth and the confidence of our investors, it鈥檚 also a strategic step forward in advancing our mission to innovate in our industry, and take the pain out of connectivity for our customers.
鈥淲e are excited about the opportunities this investment will unlock and remain committed to delivering unparalleled value to our stakeholders.鈥�
The deal was led by Pinesh Mehta and Josh Bean, investors in BGF鈥檚 Manchester team.
As part of the investment, Adrian Thirkill will join Evolve鈥檚 board as non-executive chair. Thirkill was previously CEO of former BGF-backed business GCI.
BGF Investor Pinesh Mehta added:听鈥淓volve 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.
鈥淭hat 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.
鈥溊暇牌凡� and support services is a sector that BGF understands inside and out, having invested more than 拢350m into it, supporting in excess of 50 businesses.
鈥淥ur credentials, combined with Evolve鈥檚 ambition and expertise, makes this an extremely exciting deal and we鈥檙e delighted to be joining the team as they embark on this exciting chapter.鈥�