Cheshire-headquartered business fibre network provider ITS Technology Group (ITS), has secured £100m of debt financing from global investment firm Avenue Capital Group.
Together with the significant existing facility provided by Aviva Investors, the global asset management business of Aviva PLC, the investment further underpins the delivery of ITS’ growth target for its full fibre network to pass 50% of the UK’s commercial business premises. The £100m of funding will also be available alongside the existing facility to finance strategic M&A activity.
ITS has established itself as a national full fibre infrastructure operator following strong growth over the last five years, building a robust, reliable network with industry leading technology and bringing a gigabit-capable full fibre network to UK businesses through its wholesale model.
ITS’ infrastructure supports symmetrical services up to 10Gbps using XGS-PON technology, providing open access to a network of more than 500 partners in the UK, and supporting some of the UK’s most progressive business and public sector bodies.
Daren Baythorpe, CEO at ITS, said: “We’re really excited to welcome our new investor, Avenue Capital Group. This additional funding recognises the strength in our business plan as we continue to expand our network, as well as consider strategic acquisitions, as the fibre market adapts to changing technology and undergoes consolidation.
“Following last year’s follow-on investment from Aviva Investors and the acquisition of NextGenAccess, we have worked with our partners to drive connections with both businesses and with public sector organisations. In addition, we’ve had a strong focus on service, investing in systems and delivery to drive improved experience, providing agility and assurance alongside our business growth.”
Jonathan Ford, Senior Portfolio Manager and head of Europe strategy at Avenue Capital, added: “We’re delighted to be supporting ITS’ business-to-business fibre rollout in the UK. The company’s management team not only has very deep industry relationships to execute on their business plan, but it has also coupled it with a strong delivery track record. This funding fits well with our European strategy of investing in high quality companies with sustainable business models.”
