BGF has invested GBP5 million in Pinnacle Technology Group plc, (PINN) an AIM-listed provider of ‘IT as a Service’. The funding will support the acquisition of Cheshire-headquartered adept4 and Pinnacle’s longer term growth strategy.
Pinnacle provides ‘IT as a Service’ predominantly to small and mid-sized businesses. In the past four months, the company has acquired The Weston Group, a provider of business telecoms services and Ancar-B, an IT services company. Both businesses are headquartered in Yorkshire.
The acquisition of adept4, along with the integration of The Weston Group and Ancar-B, will add significant scale to the Group’s platform and services. adept4 provides fully managed support for cloud services, IT contracts, security, software development and more to around 60 customers. The business will continue to be managed by an experienced operational team, led by directors Peter Birkett, Paul Talbot and Steve Cosgrove. Following the acquisition, Pinnacle Trading Group will begin to rebrand and trade under the name of adept4.
The investment has been made by BGF Quoted, BGF’s specialist team focused on listed businesses. Previous investments in AIM-listed companies include Castleton Technology (CPT), Victoria (VCP) and Styles & Wood (STY).
Gavin Lyons, Executive Chairman of Pinnacle, says: “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.”
Joe Wilson, BGF, says: “Gavin, Ian and the wider management team have built an attractive platform for acquisitive and organic growth. 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.”
The investment was led by Joe Wilson, Matthew Singh and Tom Jenkins for BGF Quoted.
