Gigabit network operator ITS has secured a £45m deal with Aviva Investors to fast track its plans to build transformational full fibre networks across the UK.
The previous PE partner, Maven Capital Partners, has exited the company along with a number of other shareholders.
This investment round will allow ITS to build several new full fibre networks, as well as to build out its current footprint; contributing to the Government’s ‘full fibre to every premise’ agenda. Operating a wholesale model, its networks give businesses and residential communities access to a choice of gigabit capable connectivity services via a range of ITS partners which include ISPs and resellers.
ITS will continue to reuse public and private infrastructure to accelerate the rollout of its networks, and will also collaborate with its partner network to identify where the greatest demand for full fibre services lie in order to prioritise build plans.
Daren Baythorpe CEO at ITS said: “I took over the reins of the business in early 2018 and focused on reshaping the business; strengthening all aspects of our operations and strategic approach. This has created a strong foundation for this next phase of our growth.
“We are really excited to be working in partnership with an investor of Aviva’s calibre. It gives us considerable financial backing to further flex our reuse muscles and continue to take advantage of the opportunities ahead. This approach allows us to connect more customers to full fibre far quicker than the industry norm. With BT’s public switched telephone and copper network switch off plans now in progress, the race to build alternative futureproof full fibre IP-based networks is on to ensure coverage and choice for end-users – ITS is proud to be playing our role in achieving the UK’s ambitious plans.”
Sean McLachlan, Senior Director, Infrastructure Equity, Aviva Investors, said: “Aviva Investors is pleased to support the rollout of ITS’s full fibre broadband network. There is a clear and growing demand for this essential infrastructure across the country. The funding from Aviva Investors will allow ITS and its management team to build on its existing infrastructure and brand to accelerate its network expansion and to provide world-class infrastructure across the country.”
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