ITC Service, a North East IT managed service provider, has secured a £7 million investment from BGF, one of the largest and most experienced growth capital investors in the UK and Ireland.
Founded in 2016 by Christopher Potts and Peter Anderson, the Hebburn-based company delivers customer focused, business-critical outsourced IT services to more than 400 SMEs across the North East of England. Services include: managed IT support, cyber security, Microsoft 365 cloud services, voice, communication, consulting and digital transformation.
The funding from BGF will allow the business to continue to scale through a combination of organic growth and the acquisition of complementary providers in neighbouring regions.
Commenting on the deal, co-founder Potts said: “Over the last 18 years, we have built a highly successful, respected business that has developed a strong and valued client base. With the ongoing support of my co-founder Peter, I am excited to lead ITC forward, to continue to grow and support our region, to help more local businesses achieve their goals and complete a carefully executed M&A strategy.
“In order to fulfil this potential, we need an investment partner that is willing to take a long-term approach to support our growth ambitions. With an excellent track record of backing exciting and dynamic businesses in the North East, we are confident BGF is the right choice and we’re delighted to have the team onboard.”
BGF Investor John Healey, who led on the deal, added: “ITC is a real success story in the North East, where it has a long-established track record of delivering exceptional client outcomes. With an appetite to accelerate growth, through a leading service offering combined with a client focused approach, ITC is well positioned to expand its footprint in the regional market.”
