BGF supports London firm Pinnacle’s Northern acquisition strategy

Lending firm Business Growth Fund (BGF) has invested £5m in IT services company Pinnacle Technology Group plc as it continues to sweep up Northern businesses as part of its long-term growth strategy.

The seven-figure funding is being used to support London-headquartered Pinnacle Technology Group’s acquisition of Cheshire-based IT services provider adept4.

In the past four months Pinnacle, an AIM-listed company, has also acquired telecoms firm The Weston Group and IT services business Ancar-B, both of which are based in Yorkshire.

The investment was made by BGF Quoted, a team at BGF that focuses on listed firms, and led by Matthew Singh, Tom Jenkins and Joe Wilson.

Gavin Lyons, Executive Chairman of Pinnacle, commented: “Our focus is now on the integration of our three acquisitions so that we can scale our asset light, ‘IT as a Service’ proposition for UK SME business.

“We are delighted to have BGF on board as a strategic funding partner as we continue to focus on growing the company organically and through acquisition.”

Commenting on the deal, Joe Wilson, an investor with BGF, said the management team at Pinnacle has developed “an attractive platform” for driving growth both organically and through acquisitions.

He continued: “The team’s knowledge of the market and track record of delivery are impressive and we are delighted to be supporting the acquisition of adept4 and the longer term ambitions of the group.”

Earlier this month, Bdaily spoke to adept4 CEO Peter Birkett about the government’s vision to develop a Northern Powerhouse.

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