One of the UK’s leading ICT service providers, GCI, have taken on a new majority shareholder in the form of Mayfair Equity Partners. As part of the investment GCI will also have access to a £60 million strategic fund providing them with significant financial firepower to finance future strategic acquisitions.
With a 17 year history in the technology arena, GCI have become one of the UK’s most successful ICT Service Providers with over 4000 customers across the public and private sectors. News of the investment will enable further growth and flexibility for GCI within a rapidly changing market environment. We spoke to their CEO Adrian Thirkill about the latest investment and how this can benefit GCI’s employees and customers.
“Finding the right investors has taken over 6 months, it’s a long and complicated undertaking. We explored options from trade and private equity in America and in Europe as part of the process. As CEO I have a duty of care not only to our shareholders but also to our employees and our customers. Mayfair enable further opportunity for growth and the ability to enhance our proposition.
GCI have a long history of success when it comes to investments as they have completed various acquisitions to expand their portfolio in recent years. The acquisition of Blue Chip strengthened their IT support offering and a previous purchase enhanced their UC provision by adding Freedom Communications. The investment that they have now received from Mayfair, and the £60 million of available funds, will further enhance GCI’s ability to make shrewd acquisitions.
“We are always evaluating options when it comes to potential acquisitions, although there is nothing that’s going to happen immediately. We are always looking to expand our customer base or add to our portfolio in terms of technology and although there are no gaps currently, things can change rapidly within the sector.”
Mayfair, who hold a diverse portfolio including stakes in restaurant chain YO! and alternative energy provider OVO has purchased the majority of the equity held by Chairman Wayne Martin. Martin will however remain on the GCI board. As well as the majority of Martin’s equity, Mayfair have also purchased the full minority stake held by BGF, which has been part of GCI’s investor group since 2012. It’s been an exciting period for GCI with the recent acquisitions which have taken their company revenue to around £100 million.
Mayfair Partner, Waqqas Ahmad, also provided comment on the deal.
“The ICT sector has seen impressive growth in recent years, with the UK IT services sector becoming increasingly attractive as customers dependence on suppliers increases through outsourcing mission critical systems and IT infrastructure.”
“GCI is at the forefront of the industry, with a partnership-based ethos and customer service orientated philosophy that stands out in the market, alongside a product portfolio that is tailored to meet clients’ specific needs.”
“We are delighted to be working with Adrian again and have already been very impressed with what he has accomplished since joining the business in less than 3 years. With our support and capital, we see GCI quickly becoming one of the largest ICT suppliers in the UK.”
This latest new investment will enable GCI to remain competitive within a sector that requires fast reaction to technological developments.
