UK-based Aspire Technology Solutions, an IT Managed Service Provider and Internet Service Provider has announced that it has raised an undisclosed amount in funding from LDC, which puts the valuation of the business at £85M (nearly €100.9M).
LDC’s partnership will support Aspire’s management team to pursue organic growth and acquisition opportunities. The management team is aiming to broaden the business’ suite of services and expand further into markets across the UK.
The investor
LDC is the UK’s mid-market private equity house. It has invested more than £5.5B to support over 650 management teams to realise their growth strategies. Backed by Lloyds Banking Group, LDC has £1.2B to invest in UK mid-market businesses in the next three years.
The firm helps portfolio companies grow organically, through acquisition or buy and build strategies and via international expansion. It claims that its portfolio companies grow on average three times faster than the national average for UK SMEs. LDC reports that it has up to £100M of equity capital available for each company it supports, both at the initial investment stage and through follow-on funding.
Gareth Marshall, Partner and Head of North East at LDC, says, “Aspire’s growth, especially over the past three years, is a true testament to the ambition of Chris and his team. Together, they have created a market-leading tech business that the local community here in the North East is incredibly proud of. We can see a real opportunity to support the growth of Aspire across the UK and we’re excited about working with the management team to deliver on this.”
“The fastest-growing IT company in the North of England”
Founded in 2006 by Chris Fraser, Aspire claims to be one of the largest and fastest-growing IT managed service and cyber security providers in the UK. With a large network of UK customers, Aspire delivers technology solutions across a range of applications including cloud, connectivity, voice, technical support, and cyber security.
The company’s full-fibre network provides bandwidth speeds of up to 100 gigabits per second – which is some of the fastest connection speeds available in the UK. Aspire reports that its business has scaled rapidly with revenue rising to £30M in the last 12 months of trading, growing more than 48 per cent over the past three years.
Currently, Aspire is delivering plans to create more than 150 North East jobs across its recently opened HQ, based at Gateshead Quays, and a new base at Fusion Hive, a business and innovation centre based on Stockton’s Northshore. It employs more than 200 people.
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