Evolve Enterprise Group, a Wigan-based specialist in managed community and IT options, has obtained a multi-million-pound funding from BGF, a number one development capital investor within the UK and Eire.
Based in 2005, Evolve has constructed a strong status for serving to companies scale back prices and simplify service administration throughout varied sectors, together with retail, hospitality, food-to-go (FTG), and petroleum franchises.
Over the previous 4 years, Evolve has seen important development, with turnover rising from £6.8 million to a projected £20+ million this yr. The corporate goals to double this determine throughout the subsequent three years. The new funding from BGF will assist Evolve’s bold plans for UK and worldwide growth, focusing significantly on america, the place it presently operates over 1,000 websites within the gasoline forecourt trade and plans to develop into the Fast Service Restaurant (QSR) sector.
The funding may even allow Evolve to boost its infrastructure by establishing a brand new warehouse in Wigan, pursue additional acquisitions to speed up development, and enhance its nationwide and worldwide headcount by 40% over the following three years. Since 2020, Evolve has expanded its workforce from 23 to 117 staff.
Alan Stephenson-Brown, CEO of Evolve, commented: “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.”
He added: “BGF has the right level of experience we need as an ambitious and fast-growth business, with the added benefits of a dedicated value creation team and strong network. Its strong reputation for supporting dynamic and exciting businesses on a wide range of growth strategies makes them an ideal partner as we enter the next phase of our growth journey.”
The deal was led by Pinesh Mehta and Josh Bean from BGF’s Manchester group. As a part of the funding, Adrian Thirkill will be part of the board as non-executive chair. Thirkill, the previous CEO of GCI, one of many UK’s largest privately-owned ICT service suppliers, brings intensive sector and strategic expertise to the board.
BGF investor Pinesh Mehta added: “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 globally. That strength and depth, in both proposition and presence, is driven by a highly experienced management team who have the experience to 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, supporting over 50 businesses. Our credentials, combined with Evolve’s ambition and expertise, make this an extremely exciting deal, and we’re delighted to be joining the team as they embark on this exciting chapter.”
