ITS secures £100m in financing from Avenue Capital Group

ITS Technology Group has secured £100m of debt financing from Avenue Capital Group to bolster its ambitions to reach 50% of UK commercial business premises.

This £100m of funding will be available alongside the existing facility provided by Aviva Investors to finance strategic M&A activity.

ITS’ infrastructure supports symmetrical services up to 10Gbps using XGS-PON technology, providing open access to a network of more than 500 partners in the UK.

Daren Baythorpe, CEO at ITS, said: “This additional funding recognises the strength in our business plan as we continue to expand our network, as well as consider strategic acquisitions, as the fibre market adapts to changing technology and undergoes consolidation.

“Following last year’s follow-on investment from Aviva Investors and the acquisition of NextGenAccess, we have worked with our partners to drive connections with both businesses and with public sector organisations.”

Jonathan Ford, Senior Portfolio Manager and Head of Europe Strategy at Avenue Capital, said: “The company’s management team not only has very deep industry relationships to execute on their business plan, but it has also coupled it with a strong delivery track record.”