LDC-backed Onecom acquires BGF's Olive Communications

The acquisition was supported with follow-on funding from LDC, while BGF has fully exited the business.

Olive's CEO, Martin Flick, has been appointed CEO of Onecom. Darren Ridge, who founded the company, has grown the business to achieve annual revenues of more than £90m and remains a significant shareholder. He will remain active in his non-executive director role.

LDC invested in Onecom in a £100m deal in July 2019, supporting a three-year growth strategy for the Hampshire-based business. Olive is Onecom's largest rival, according to a statement.

Previous funding
BGF invested £10m in Olive in 2016 in a deal that also raised £5.25m in new debt facilities provided by Barclays.

Company
Buckinghamshire-based Olive generates revenues of £31m. Founded in 2002, the company is a managed cloud communications provider offering consultancy services to a variety of different customers such as the Yorkshire Building Society and Poundland, according to a statement. Olive also operates Safetybank, the health and safety management tool.

People
LDC – Yann Souillard (head of London).
BGF – Matthew Simcox (investor).

Advisers
Acquirer – Goodwin (legal).
Vendor – George Green Solicitors (legal).

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• Topics
• Exits
• Expansion
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• Trade sale
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