Mayfair Equity Partners Acquires GCI Stake


Converged ICT Services Provider GCI have announced that Mayfair Equity Partners (“Mayfair”) has acquired a majority stake in the business.

Mayfair’s investment includes the formation of a new strategic fund worth over £60 million, providing GCI with significant financial firepower to finance future strategic acquisitions.

Adrian Thirkill, CEO of GCI says: “We’re excited to have Mayfair on board as we embark on the next phase of the company’s growth.”

“Our immediate objective is to continue to fully integrate what we have and in the coming months we will see all GCI group companies operating under one brand with common systems and processes. This will significantly enhance our service offering to customers – making it easier for them to use more of our innovative and broad range of services.”

However, Thirkill was keen to stress that although the move will help GCI add to its current offerings, it won’t change the company’s vision for the future.

Adrian Thirkill

Adrian Thirkill

“As time moves on, we are finding that clients want integrated, contemporary and complete solutions. We can offer this support to clients with an end to end package. This includes consultation, design, deployment and additional support.”

“Whilst there are currently no significant gaps in our portfolio, we operate in a fast-changing market and the new £60m+ fund will enable us to make strategic acquisitions over the coming months and years to add even more value to our customers.”

As part of the transaction, Mayfair has purchased the majority of the equity held by Chairman Wayne Martin, who will remain on the GCI board, and the full minority stake held by BGF, which has backed the business since 2012.

The investment in GCI comes at an exciting time for the company. Over the last two years GCI has acquired Packet Media, Fusion Media Networks, Outsourcery, Freedom Communications, and Blue Chip Data Systems, taking the company’s revenues to circa £100m.

Thirkill stresses that this managed growth has been supported by GCI’s organic growth, which has been key to the company’s success.

In fact, GCI have organically grown a customer base of over 4,000 – firmly establishing the company as one of the largest converged ICT suppliers in the UK.

Thirkill continues: “This is the right opportunity to thank our previous investor Gurinder Sunner from BGF who has been hugely supportive of GCI and backed us with the funds and support necessary to fuel our strong growth over the last six years.”

“Mayfair Equity Partners has an outstanding record in supporting high growth businesses. I have worked with them in a previous role and know that their ethos of responsible investment matches ours, with a focus on building strong partnerships with exceptional management teams – they’re in it for the long term – as are we.”

Mark Allen

Mark Allen

Mark Allen, CFO of GCI adds: “The deal with Mayfair is the right one for all parties. It rewards Wayne and BGF for their long-term support of the company but equally means that we can continue to invest in building our headcount, systems, and support for customers.”

“The £60m+ fund will be held purely for financing strategic acquisitions and will be spent over the longer term as this fast-moving business evolves.”

Commenting on the investment, Mayfair Partner, Waqqas Ahmad, said: “The ICT sector has seen impressive growth in recent years, with the UK IT services sector becoming increasingly attractive as customers dependence on suppliers increases through outsourcing mission critical systems and IT infrastructure.”

Waqqas Ahmad

Waqqas Ahmad

“GCI is at the forefront of the industry, with a partnership-based ethos and customer service orientated philosophy that stands out in the market, alongside a product portfolio that is tailored to meet clients’ specific needs.”

“We are delighted to be working with Adrian again and have already been very impressed with what he has accomplished since joining the business in less than 3 years.

“With our support and capital, we see GCI quickly becoming one of the largest ICT suppliers in the UK.”

GCI has 4000+ customers across the public and private sectors including Sunlife, Shelter, Prospect Union, Dimensions, Parliamentary Digital Services, Trafford Council, University of London, FieldFisher, Keoghs, Marie Curie, Yamaha WorldSBK, Merlin Entertainment and Center Parcs.

The company is passionate about delivering digital transformations through technology to deliver positive business outcomes for its customers – transforming their traditional environments to digital ‘business as usual’, with strategic partners including Microsoft and Enghouse Interactive.

KPMG was the financial adviser to GCI. Investec advised Mayfair on the transaction.

To find out more about GCI, visit: www.gcicom.net

Published On: 8th May 2018
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