IT services group GCI has been acquired by Mayfair Equity Partners, which has handed the firm a “£60m-plus strategic fund” to enable future acquisitions of its own.
Mayfair has purchased the majority of the equity held by GCI chairman Wayne Martin, who will remain on the GCI board. Mayfair has also acquired the full minority stake held by BGF, which has backed the UK business since 2012.
Over the last two years, GCI has acquired Packet Media, Fusion Media Networks, cloud service provider Outsourcery, Freedom Communications and Blue Chip Data Systems, taking the company’s revenues to around £100m. Mayfair's current investments include Ovo Energy, a UK domestic energy firm, and YO!, the Japanese restaurant group.
Adrian Thirkill, CEO of GCI, said: “Our immediate objective is to continue to fully integrate what we have, and in the coming months we will see all GCI group companies operating under one brand with common systems and processes. This will significantly enhance our service offering to customers, making it easier for them to use more of our innovative and broad range of services.”
He said: “Whilst there are currently no significant gaps in our portfolio, we operate in a fast-changing market, and the new £60m-plus fund will enable us to make strategic acquisitions over the coming months and years.”
Waqqas Ahmad, Mayfair partner, said: “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. With our support and capital we see GCI quickly becoming one of the largest ICT suppliers in the UK.”
GCI customers include Sunlife, Shelter, Prospect Union, Parliamentary Digital Services, Trafford Council, University of London, FieldFisher, Marie Curie, Yamaha WorldSBK, Merlin Entertainment and Center Parcs.
