Evolve Business Group secures multi-million pound BGF investment to drive ambitious growth

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 companies reduce costs and simplify service management across a variety of industries, including retail, hospitality, food-to-go (FTG) and petroleum franchises.

Over the past four years, Evolve has experienced significant growth, with turnover increasing from £6.8 million to an expected £20+ million this year. The company aims to double this figure within the next three years. BGF’s new funding will support Evolve’s ambitious plans for UK and international expansion, with a particular focus on the United States, where it currently operates more than 1,000 locations across the fuel tank industry and plans to expand into Quick Service Restaurant (QSR) sector.

The investment will also enable Evolve to improve its infrastructure by establishing a new warehouse in Wigan, pursue further acquisitions to accelerate growth and increase its domestic and international workforce 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. BGF’s investment is not only a testament to our robust growth and the confidence of our investors; it is 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 bring 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-growing company, with the added benefits of a dedicated value creation team and a strong network. Their strong reputation for supporting dynamic and exciting companies across 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 chairman. Thirkill, the former CEO of GCI, one of the UK’s largest privately held IT services providers, brings extensive sector and strategic experience to the board.

BGF investor Pinesh Mehta added: “Evolve has a strong track record of delivering revenue growth through a loyal and long-standing customer base spanning 10 countries, with more than 6,000 locations now operated by the company globally. That strength and depth, both in proposition and presence, is driven by a highly experienced management team that has the experience to scale a business in a robust market with significant potential. Business and support services is a sector that BGF understands inside and out. It has invested more than £350 million and supports more than 50 companies. Our credentials, combined with Evolve’s ambition and expertise, make this an extremely exciting deal, and we are excited to join the team as they embark on this exciting chapter.”