Onecom, a Fareham, Hampshire, UK-based independent business telecommunications provider, secured a £100m funding package.
Mid-market private equity firm LDC and credit funds managed by an affiliate of Ares Management Corporation (NYSE: ARES) provided the package.
The investment was led by LDC Head of London Yann Souillard, who will take a place on the board as Non-Executive Director.
The company intends to use the funds to increase the workforce, to invest in systems and processes that ready the business for scale, and make acquisitions.
Founded by Darren Ridge in 2002 and led by Ben Dowd, CEO, Onecom is an independent business telecommunications provider, operating from 10 regional offices, including Cardiff, Belfast, Southampton, Plymouth, Leeds, Telford, Norwich and Brighton. The company currently manages nearly 100,000 business customers, delivering communication services and unified solutions across fixed line voice, connectivity and cloud computing to some of the UK’s most dynamic companies. These include Farrow & Ball, Thwaites, Celtic Manor and 118 UK Ltd.
The business employs 400 people across 10 regional offices and its partners include Samsung, Apple, Gamma, Mitel and Virtual1. It is also a major partner of Vodafone, and last month they announced a five-year deal together that will be worth up to £600m in revenue.
To further assist with growth plans, Onecom is announcing Mark Thompson as its Chairman. Thompson formerly ran MDNX which, trading as Easynet, sold to Interoute for £402M in 2015. Since then, Thompson has supported several boards, including G3 Comms.