Stockton tech firm receives £4m funding for acquisition of telecoms company
A North East communications technology company has announced that it has received £4m of funding as it aims to acquire a UK telecoms firm.
MAP Group (UK), based in Stockton-on-Tees, has been supported with £4m in acquisition funding by ThinCats, an alternative finance provider to mid-sized SMEs.
The funding will enable MAP Group to acquire USL, specialist provider of telecommunications pole replacement and maintenance services.
The opportunity was presented to ThinCats by Nick Wallis at Gerald Edelman Deal Advisory, London-based business advisory and consulting firm.
Mike Carlin, CEO of MAP Group, commented: “This acquisition provides a natural extension of the products that MAP Group currently offers, and the two businesses will work seamlessly together to service our clients with a full professional technology service provision.
“ThinCats has worked hard to fulfil the funding requirements that we had, and we are very keen to launch the combined force of both businesses.”
Nick Wallis, partner at Gerald Edelman Deal Advisor, said: ““We are delighted to have advised on such an exciting deal for MAP Group, and believe we have helped to find the perfect funders in Thincats.
“It was clear from the very start of the process that MAP was the perfect home for USL, and that there were plenty of sales and operational synergies to be had.
“We have no doubt that both MAP and USL will have nothing but success in their new partnership going forwards.
“It has been a pleasure to work with Mike and his team, along with the team from Thincats, and we wish MAP Group a very successful future in the years to come.”
Dave Sherrington, regional head of sales at ThinCats, added: “Enabling the consolidation of two businesses that fit together so well is gratifying; it is always pleasing when you can see the synergies from the start of the process.
“We wish the teams at MAP Group and USL all the very best and are sure that the combination of their powers will result in an exceptional service for their clients.”
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