IT firm adds £10m investment to acquisition war chest
IT and voice solutions provider Managed IT Services Group has hit the acquisition trail after securing £10m of investment from alternative lender BOOST&Co.
The funds will be used to support the firm’s proposed buy and build strategy that includes the acquisition of telecom services provider Nexbridge, telephone conference call provider Whypay and IT solutions provider Charles Street Solutions.
The Manchester-based firm has set out an ambitious acquisition strategy, with the aim of uniting such businesses under the umbrella of the Managed IT Services Group (MITSG) and the funding from BOOST&Co will help support this strategy, as well as accelerate future growth.
The lender has chosen to work with MITSG due to the group’s position in a highly active and well-known industry. MITSG also has a proven buy and build track record and a strong and effective senior leadership team with extensive sector experience.
Mark Allen, chief finance officer at MITSG, said: “With this support from BOOST&Co we are in a great position to build upon our existing acquisition strategy, enhancing the proposition of the group and accelerating growth.
“Ryan and the team were on-hand throughout the entire funding process, listening to our needs and understanding MITSG’s vision for the future. With this significant investment, we are on track to scale our growth throughout 2022 and beyond.”
Ryan Sorby, the head of the north and Scotland at BOOST&Co, added: “Mark and the team at MITSG have a fantastic track record of successful acquisitions in the sector, making this a very exciting opportunity for everyone involved.
“The funding from BOOST&Co will enable the team to make selective acquisitions to scale the business quickly, expanding MITSG’s reach within the sector and delivering on its growth ambitions.”
