Evolve Business Group, a managed network and IT services specialist, has secured a multimillion-pound investment from BGF. The Wigan-based company, founded in 2005, aids businesses in reducing costs and simplifying service management across sectors like retail, hospitality, and petroleum franchises.

Over the past four years, Evolve has grown its turnover from £6.8 million to a targeted £20 million this year, with plans to double it in the next three years. The BGF funding will support Evolve's UK and international expansion, particularly in the US, where it operates over 1,000 sites, mainly in the fuel forecourt industry. The company aims to expand into the quick service restaurant (QSR) sector.

Evolve also plans to enhance its infrastructure by creating a new warehouse in Wigan, pursue further acquisitions to accelerate growth, and increase its workforce by 40% over the next three years. Alan Stephenson-Brown, Evolve's CEO, emphasized that the investment is a testament to their robust growth and a strategic step forward in their mission to innovate and simplify connectivity for customers.

BGF's investment was led by Pinesh Mehta and Josh Bean from their Manchester team. As part of the deal, Adrian Thirkill, former CEO of BGF-backed GCI, will join Evolve's board as non-executive chair, bringing valuable sector and strategic experience.

Pinesh Mehta highlighted Evolve's strong track record of growth, driven by a loyal customer base spanning 10 countries and over 6,000 managed sites globally. He praised the experienced management team for their ability to scale the business in a promising market.

Advisers on the deal included Blacksquare Advisory, Squires, and Saffery for Evolve, and Hill Dickinson, Vim Vithaldas, SBR Consulting, Hurst, and Holtara for BGF.