IT and voice solutions provider Managed IT Services Group (MITSG) has secured a £10m investment from alternative lender Boost&Co to accelerate its acquisition and future growth plans.
The funds will support its proposed acquisition of telecom services provider Nexbridge, telephone conference call provider Whypay and IT solutions provider Charles Street Solutions.
As part of its acquisition strategy, the Manchester-based business said it hopes to unite all three businesses under the umbrella of MITSG.
“With this support from Boost&Co, we’re in a great position to build on our existing acquisition strategy, enhancing the proposition of the group and accelerating growth,” said Mark Allen, CFO (pictured right) at MITSG.
Boost&Co, which offers loans ranging from £1m to £10m covering all sectors, said it decided to work with MITSG due to the group’s position in a highly active and well-known industry.
“Ryan and the team were on-hand throughout the entire funding process, listening to our needs and understanding MITSG’s vision for the future,” Allen continued. “With this significant investment, we are on track to scale our growth throughout 2022 and beyond.”
To date, the lender has funded more than £500m across more than 130 deals and provided nearly £200m worth of funds under the government’s CBILS initiative to support SMEs during the pandemic.
“Mark and the team at MITSG have a fantastic track record of successful acquisitions in the sector, making this a very exciting opportunity for everyone involved,” added Ryan Sorby, head of the North and Scotland at Boost&Co. “The funding from Boost&Co will enable the team to make selective acquisitions to scale the business quickly, expanding MITSG’s reach within the sector and delivering on its growth ambitions.”
