BGF backs GCI Telecom
The Business Growth Fund (BGF) has invested £10m in Midlands-based telecoms and data service provider GCI Telecom in return for a minority stake.
The investment will underpin the acquisitive and organic growth of the company.
The transaction marks BGF's first investment in the Midlands.
Company
Founded in 2000 and headquartered in Lincoln, GCI provides inbound and outbound telephony and data services to medium-sized corporations and smaller enterprises. The company has its own fibre-optic communications network and data centres, and offers outsourced cloud solutions for IT communications.
GCI has an approximate turnover of £65m and employs 220 staff across 9 locations. The company has grown organically and through acquisitions since its founding.
People
Investment director Tim Whittard led the transaction for BGF. Wayne Martin is founder and CEO of GCI. John Cronin has been appointed non-executive chairman of the company following the investment.
Advisers
Equity - Wragge & Co (Legal); BDO (Financial due diligence).
Company - Eversheds (Legal); BDO (Corporate finance); Intuitus (Due diligence)
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