A Gateshead-headquartered technology company has secured a significant minority investment from private equity firm LDC, in a transaction which values the business at £85m.
Aspire Technology Solutions was launched 15 years ago and provides services across applications including cloud, connectivity, voice, technical support and cyber security. Its full fibre network provides bandwidth speeds of up to 100 gigabits per second.
The company employs 200 people across its offices in Gateshead, Stockton-on-Tees and London, and has further plans to create 150 more regional jobs at its Gateshead Quays headquarters.
Aspire has scaled rapidly across the last 12 months with revenue rising to £30m, and growth of more than 48 per cent across the past three years.
LDC’s partnership will support Aspire’s management team, led by founder Chris Fraser, to pursue organic growth and acquisition opportunities. The management team is aiming to broaden the business’ suite of services and expand further into markets across the UK.
Fraser said: “Working with a leading investor that’s right on our doorstep in the North East was really important to us. LDC has an extensive history of supporting businesses just like ours to grow.
“The investment marks a new chapter for Aspire which will enable us to move to the next level.”
Gareth Marshall, partner and head of North East at LDC, added: “Aspire’s growth, especially over the past three years, is a true testament to the ambition of Chris and his team. Together, they have created a market-leading tech business that the local community here in the North East is incredibly proud of.
“We can see a real opportunity to support the growth of Aspire across the UK and we’re excited about working with the management team to deliver on this.”
Aspire was advised by Clearwater International and Muckle (legal).
LDC was advised by PwC and Cavu (corporate finance), Womble Bond Dickinson (legal) and KPMG (financial due diligence).