Maven exits fibre network provider ITS Technology Group
Share this Article:
Maven has announced the sale of ITS Technology Group to Aviva Investors for an undisclosed amount.
ITS builds and operates fibre networks across the UK. Maven VCTs originally invested in 2017 with additional investment from the Maven managed Northern Powerhouse Investment Fund in 2018 to enable the business’s expansion into new geographical locations, as well as to strengthen their sales and operational capabilities.
ITS specialises in securing exclusive concession agreements with local authority partners in order to commercialise the spare capacity of their existing duct infrastructure. This means it can rapidly deploy fibre networks without any significant disruption to the local area and generate much needed funds for the local authority via their revenue sharing model. Customers then benefit from a robust and cost-effective fibre solution in areas which have been underserved by the major providers for many years.
The sale to Aviva Investors generates a positive return for the Maven VCTs and the Northern Powerhouse Investment Fund, and allows the business to raise significant additional capital to take advantage of further opportunities in the fibre market.
Ryan Bevington, Investment Director at Maven, said: “The sale to Aviva Investors is a strategic move for the business and is testament to the quality of the ITS management team. We’re delighted to have played our part in bringing the team together and would like to thank them for their hard work and wish them good luck for the next stage of their journey.”
Daren Baythorpe, CEO of ITS said: “I would like to thank Maven Capital Partners for its support over the last three years. They have provided excellent financial backing, advice and counsel which has helped enable the business to transform into a focussed network operator that is disrupting the full fibre marketplace. It has seen us build a strong business, develop a very capable team, and put us in a great place to start the next phase of our growth.”
Ken Cooper, Managing Director at British Business Bank said: “The sale of ITS Technology Group Ltd is a significant moment for NPIF. It demonstrates how regionally based funds can make good commercial investments that make a real and measurable difference to businesses and help to create a more prosperous regional economy.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.