Growth Capital
Pure Business Solutions, a Finance Birmingham investee business, has been sold to PMGC, a rival Vodafone Total Communication Partner.
The acquisition merges two independent telecoms and IT providers, creating the UK’s third largest provider of mobile solutions, with over 70,000 connections and annual revenues of around £20m.
Pure was established in 2006 by Marcus Richardson and Gavin Tedstone and has steadily grown into one of the largest telecoms and IT services companies in the UK.
The growth of Pure was supported by Finance Birmingham through Birmingham City Council’s equity fund followed on with investments from the regional mezzanine and debt funds. The merger marks Birmingham City Council’s first successful exit from a round of loan and equity investments started in 2013, as part of efforts to boost lending in the West Midlands.
Graham Mold, Head of Growth Capital at Finance Birmingham said “Since investing in Pure at the end of 2014 we’ve supported the business through an exciting period of growth. We’re delighted that our funding provision, plus our appointment of a chairman to the business, has resulted in a successful and prosperous sale for everyone involved”.
PMGC was formed in 2012 following the merger between Premier Mobile, Phonebox Communications, AMC, Veecom, RGT and Dane Europe. Headquartered in Hampton-in-Arden, the company now has six UK offices including Birmingham, Bristol, Northampton and Warrington, with its headcount doubling to 110 employees. John Handley, Non-Executive Director of Finance Birmingham, will retain his role as chairman.
