Maven has sold ITS Technology Group to Aviva Investors for an undisclosed amount.
ITS designs, builds and operates full fibre and hybrid networks across the UK, giving business and residential communities access to gigabit capable connectivity.
North West-based ITS has pioneered a ‘dig once’ model that reuses existing public and private duct infrastructure and it has a number of partnerships with local authorities.
ITS’ networks are open access, giving wholesale access to internet service providers (ISPs), network and mobile network operators, and IT resellers.
The funding enabled the business’ expansion into new geographical locations, as well as to strengthen its sales and operational capabilities.
The sale to Aviva Investors generates a positive return for the Maven VCTs and the Northern Powerhouse Investment Fund and allows the business to raise significant additional capital to take advantage of further opportunities in the fibre market.
Ryan Bevington, Investment Director at Maven, said: “The sale to Aviva Investors is a strategic move for the business and is testament to the quality of the ITS management team.
“We’re delighted to have played our part in bringing the team together and would like to thank them for their hard work and wish them good luck for the next stage of their journey.”
Daren Baythorpe, CEO of ITS, said: “I would like to thank Maven for its support over the last three years. They have provided excellent financial backing, advice and counsel which has helped enable the business to transform into a focussed network operator that is disrupting the full fibre marketplace.
“It has seen us build a strong business, develop a very capable team, and put us in a great place to start the next phase of our growth.”