Mid-market PE firm LDC has completed an investment in Commsworld that puts the Edinburgh-based comms provider on track for UK expansion and another year of double digit growth. The financials of the deal remain undisclosed.
Commsworld began its commercial life in 1994 and has 110 staff based across its offices in Edinburgh, Glasgow, London and Aberdeen. For the financial year to December 2018 it recorded revenues of £20m, a 41% increase on the previous 12 months.
The company has developed its own carrier grade network with UK and international reach.
Head of LDC in Scotland Mark Kerr and Investment Director for
Scotland Colin Bennett join the Commsworld board alongside CEO Ricky Nicol (pictured), CFO Graeme St John and Non-Executive Director Steve Langmead. Telecoms guru John Trower is also joining Commsworld as Chairman.
Kerr said: “Ricky and the team have transformed Commsworld in recent years from a telco reseller into a national network operator.
"Our investment will help them to build on this hard work and success and deliver further on their ambitions for Commsworld.”
Nicol added: “LDC’s investment is a real signal of our intent to further invest in our offering and capacity so we can continue to disrupt the market. We’ll be targeting another year of double-digit growth.”
The deal provides an exit for the remaining Non-Executive Directors and private shareholders.