Communications firm plans for major growth after landing funding deal
Outsourced communications specialist Moneypenny is planning for major growth after landing significant investment.
The Wrexham company has signed a deal with private equity investor ECI Partners which will help drive the next stage of its growth.
ECI’s significant investment will fund ambitious plans to substantially grow its turnover by expanding across its core markets in the UK and US.
The details of the deal are not being made public.
Moneypenny is the market leader and fastest growing company in its sector, with 700 staff and a £33m turnover.
It specialices in outsourced telephone answering, live chat, switchboard and a range of technology-enabled services.
The firm works with businesses of all shapes and sizes from sole traders to multi-national corporations.
It handles 15 million calls and chats annually for more than 13,000 clients in the UK and US.
Demand is growing at a significant rate as business owners continue to look at ways to improve how they interact with customers, and to maximize operational efficiencies.
Ed Reeves, co-founder of Moneypenny said: “We’ve such an exciting time ahead of us; we’re the market leaders, we’re growing incredibly quickly, and we continue to innovate, developing new technology such as our AI-enabled switchboards, to help our clients improve the service they offer their customers.
“That’s what makes Moneypenny stand out from the crowd. Today’s investment from ECI will enable us to take all of those elements and scale them up even more quickly for both our UK and US businesses.”
Mark Keeley, partner at ECI Partners, added: “ECI is delighted to be partnering with Moneypenny to help it achieve its global growth ambition.
“The combination of market leading technology, a high calibre management team and culture of delivering excellence mean that Moneypenny is a very exciting opportunity which we are delighted to be a part of. We look forward to supporting Moneypenny over the next stage of its journey.”
ECI was advised in this transaction by EY, Squire Patton Boggs, EY-Parthenon and Marsh.
Moneypenny was advised by GCA Altium and DLA Piper and supported by EY and PWC.
EY Corporate Finance advised ECI Partners on the deal, led by Mark Clephan, with Mitchell Cox, Edward Gale, Stephen McGuiness and Louise Leung. Debt advisory support was led by Rob Jones and team.
EY also performed financial and tax vendor due diligence on behalf of Moneypenny, led by Richard Harding with Steven Kingham. Tax advice was provided to management by Victoria Price and team.
