Evolve Business Group, a Wigan-based specialist in managed network and IT solutions, has received a multi-million-pound investment from BGF, a leading growth capital investor in the UK and Ireland.
Founded in 2005, Evolve has built a solid reputation for helping businesses reduce costs and simplify service management across various sectors, including retail, hospitality, food-to-go (FTG), and petroleum franchises.
Over the past four years, Evolve has seen significant growth, with turnover rising from £6.8 million to a projected £20+ million this year. The company aims to double this figure within the next three years. The new funding from BGF will support Evolve’s ambitious plans for UK and international expansion, focusing particularly on the United States, where it currently operates over 1,000 sites in the fuel forecourt industry and plans to expand into the Quick Service Restaurant (QSR) sector.
The investment will also enable Evolve to enhance its infrastructure by establishing a new warehouse in Wigan, pursue further acquisitions to accelerate growth, and increase its national and international headcount by 40% over the next three years. Since 2020, Evolve has expanded its workforce from 23 to 117 employees.
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 team. As part of the investment, Adrian Thirkill will join the board as non-executive chair. Thirkill, the former CEO of GCI, one of the UK’s largest privately-owned ICT service providers, brings extensive sector and strategic experience 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.”
