Key Capital backs CellTech growth plans

A Yorkshire and Midlands-based telecoms infrastructure service provider is looking to scale after securing fresh private equity backing to support its next phase of growth.

Key Capital Partners has completed an investment in CellTech Communications, a Leeds and Lutterworth-based specialist providing services to the UK’s mobile telecommunications sector. 

Founded in 2020, CellTech delivers rigging, electrical, logistics and surveying services supporting the installation, upgrade and maintenance of mobile telecoms towers.

The firm has grown rapidly in line with increasing demand driven by the UK’s ongoing 5G rollout and now employs around 50 people. 

Bosses say the investment will support the company’s strategy to broaden its service offering and deepen relationships with mobile telecoms principal contractors.

They add the management team will be strengthened with the appointment of James Browning as non-executive chair and Mike Suart as finance director, as CellTech looks to accelerate its expansion.

Jamie Green, co-founder and director of CellTech, said: “We are incredibly proud of what we, together with the team at CellTech, have built to date and are excited to be partnering with Key Capital as we enter the next phase of our growth journey. 

“From the outset, our ambition has been to build a business with the scale, capability, and reputation to become a leading delivery partner within UK telecoms infrastructure, and this investment provides the platform to accelerate that vision.

“Key Capital brings deep sector experience and a strong understanding of what it takes to scale high-quality infrastructure businesses. 

“With their support, we are well positioned to expand our service offering, invest further in our people and operational capability, and take CellTech to a level it has not yet reached. 

“The opportunity ahead of us is significant, and we believe the long-term potential of the business remains largely untapped.”

Key Capital Partners brings strong sector experience, having previously backed and exited WHP Telecoms and supported the growth of infrastructure-focused businesses within its portfolio. 

As part of the deal, the private equity firm has taken a significant minority stake, with founders Jamie, Jack Gadsdon and Ryan Betambeau all remaining in their roles.

The investment team was led by Key Capital’s Leeds team, including director Matt Tice, investment manager David Cameron and managing partner James Hall, who will also join CellTech’s board.

James added: “Jamie, Jack and Ryan have built and grown a very well-run business providing a critical service in one of the UK’s most important pieces of infrastructure. 

“The dynamics of the market are hugely favourable and given CellTech’s unique position, we are confident that we have backed a very valuable and attractive business which will continue to grow, expand and deliver for its customers.”

Legal advice to Key Capital Partners was provided by David Parker and Charlotte Martin of Addleshaw Goddard, with tax structuring support from Nick Millward at BDO, while due diligence was carried out by Paul Kithoray and Phil Dean of Cortus Transaction Services, Suzy Smith of RPL, Sahil Nayyar of Cavu Corporate Finance, Gareth Murphy of Fluid IT, Dan O’Connell of Gallagher, Alistair Preston of Preston Advisory and Anna Cornwallis of Stratton HR.

CellTech’s shareholders were advised by Laura McMorland and Nathan Hughes at Bermans and Paul Billingham, Alex Stewart and Ryan Batchelor at Knights Corporate Finance, with additional support throughout the transaction from interim finance director Adrian Frost.

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