ITC Service Lands £7m Investment from BGF to Fuel Expansion
Deal News | Nov 21, 2024 | Business Cloud
BGF has invested £7 million in ITC Service, an IT managed service provider founded by Christopher Potts and Peter Anderson in 2016. Based in Hebburn, ITC Service offers a range of IT solutions, and this significant financial boost is aimed at supporting both their organic growth and strategic acquisitions in surrounding regions. Co-founder Christopher Potts emphasized the importance of selecting a long-term investment partner to help them achieve their ambitions. Lee Shorten will join ITC's board as a non-executive chair as part of the investment facilitated by BGF's Newcastle team. With a strong presence and client satisfaction in the North East of England, ITC plans to leverage this support to further enhance its service offerings and expand its regional footprint. BGF's backing comes amidst its broader strategic mission, as it continues to be a leading investor in UK businesses.
Sectors
- Information Technology Services
- Private Equity and Venture Capital
Geography
- United Kingdom – BGF is the most active investor in the UK, with this deal enhancing business growth in the North East of England.
Industry
- Information Technology Services – ITC Service is a managed IT service provider, offering IT support, cybersecurity, cloud services, etc.
- Private Equity and Venture Capital – BGF is a major private equity firm, providing growth capital to ITC Service.
Financials
- £7 million – Investment by BGF into ITC Service.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ITC Service | Target company receiving investment | Company | An IT managed service provider based in Hebburn, UK. |
| BGF (Business Growth Fund) | Investor | Company | A private equity firm investing in growing businesses in the UK. |
| Christopher Potts | Co-founder and spokesperson | Person | Co-founder of ITC Service. |
| Peter Anderson | Co-founder | Person | Co-founder of ITC Service. |
| John Healey | Investor at BGF | Person | Part of the team leading the investment from BGF’s Newcastle team. |
| Christian Pollard | Investor at BGF | Person | Part of the team leading the investment from BGF’s Newcastle team. |
| Lee Shorten | Non-executive chair | Person | Appointed to the board as part of BGF's investment in ITC Service. |