Evolve Business Group bags BGF investment to support UK and international growth and improve infrastructure

Evolve Business Group, a specialist in end-to-end managed network and IT solutions, has secured an undisclosed (said to be in the multi-million pound range) investment from BGF.

Founded in 2005, the UK-based company works across a variety of sectors, including retail, hospitality, food-to-go (FTG) and petroleum franchises.

The funding will allow Evolve to implement UK and international expansion plans, with a particular focus on growth in the US, where it currently operates over 1,000 sites across multiple states, mainly in the fuel forecourt industry.

The aim is to expand into the quick service restaurant (QSR) sector.

In addition, Evolve aims to improve its infrastructure, with the creation of a new warehouse in Wigan, and target further acquisitions to accelerate growth, as well as increase its national and international headcount by 40% over the next three years.

The company has grown its workforce from 23 to 117 since 2020.

Alan Stephenson-Brown, CEO at Evolve, says: “Today’s announcement marks a pivotal moment in Evolve’s journey.”

“The investment from BGF is not just a testament to our robust growth and the confidence of our investors, it’s also a strategic step forward in advancing our mission to innovate in our industry, and take the pain out of connectivity for our customers.”

“We are excited about the opportunities this investment will unlock and remain committed to delivering unparalleled value to our stakeholders.”

The deal was led by Pinesh Mehta and Josh Bean, Investors in BGF’s Manchester team.

As part of the investment, Adrian Thirkill will join Evolve’s board as Non-Executive Chair. Thirkill was CEO at former BGF backed business GCI, one of the UK’s largest privately owned ICT service providers.

Mehta says: “Evolve has a strong track record of achieving top line growth through a loyal and longstanding customer base that spans ten countries, with over 6,000 sites now managed by the business across the globe.”

“That strength and depth, in both proposition and presence, is driven by a highly experienced management team who have the experience to a scale a business in a robust marketplace that has significant potential.”

“Business and support services is a sector that BGF understands inside and out, having invested more than £350 million into it, supporting in excess of 50 businesses.”

“Our credentials, combined with Evolve’s ambition and expertise, makes this an extremely exciting deal and we’re delighted to be joining the team as they embark on this exciting chapter.”

“BGF has the right level of experience we need as an ambitious and fast-growth business, with the added benefits of a dedicated Value Creation team and strong network. Its strong reputation for supporting dynamic and exciting businesses on a wide range of growth strategies makes them an ideal partner as we enter the next phase of our growth journey,” says Stephenson-Brown.

2024 RTIH INNOVATION AWARDS

The QSR space is a key focus area for the sixth edition of the RTIH Innovation Awards, which is now open for entries.

The awards, sponsored by CADS, 3D Cloud, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

It’s free to enter and you can do so across multiple categories.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.