TrueSpeed secures £75 million to build ultrafast full fibre distribution networks in the South West
Aviva Investors, the global asset management business of Aviva plc (“Aviva”), has announced the commitment of funding of up to £75 million to TrueSpeed Communications Limited to support the roll out of their ultrafast network across the UK’s South West. Acuity’s Marcus Allchurch advised TrueSpeed throughout the fundraising process.
The innovative fibre optic infrastructure and telecoms company was formed to deliver multi-gigabit capable symmetrical speeds on a full fibre network to homes and businesses across the South West. TrueSpeed has already connected hundreds of homes across the region to its fibre-to-the-premises (FTTP) service, transforming the way people live and work in the rural communities.
The partnership with Aviva allows for TrueSpeed to continue its expansion strategy to pass a further 75,000 homes and businesses in the region.
Evan Wienburg, TrueSpeed’s CEO, commented:
“TrueSpeed appointed Acuity as our corporate finance advisor because it was clear from the first meeting that they really understood what we are doing here and the opportunity we are addressing. Marcus’s deep knowledge of the telecoms sector was immediately of value, and Acuity helped us to build a robust business plan which they articulated in a way that made sense to the investment community. The team ran a comprehensive process to engage with investors, generated multiple offers and secured a sound deal. We are now fully funded to deliver our world-class, future-proof fibre optic access network past 75,000 properties across the South-West. This level of investment for an early stage fibre company such as TrueSpeed has not been done before in the UK, gives us fantastic certainty and a considerable commercial advantage, and I believe that Acuity were pivotal in delivering this deal. I would have no hesitation in recommending Marcus and the Acuity team to anyone looking to deliver an ambitious transaction in the technology sector”
Sean McLachlan, Aviva’s Senior Director of Infrastructure Equity, said:
“Aviva Investors is pleased to support the roll-out of TrueSpeed’s ultrafast FTTP network. There is a clear and growing demand for this essential infrastructure across the country, in particular rural locations. The funding Aviva Investors is providing will allow TrueSpeed and its management team to accelerate its business plan and network expansion to provide world class infrastructure to users who are currently under served.”
Marcus Allchurch, Partner at Acuity Advisors, said:
“I am thrilled that TrueSpeed has secured this significant funding from Aviva. We are delighted to have helped them throughout their early years towards this partnership with Aviva and securing the funding that will make them a major UK provider of ultrafast contiguous FTTP network services. Aviva’s commitment to this investment has been admirable and is testament to the perfect storm which is being created in the global digital infrastructure market, as the demand for services makes 20th century telecoms infrastructure obsolete.”
Acuity Advisors LLP have decades of collective experience in the telecoms sector, working with carriers including BT, Vodafone, Telefonica, EE, Telia, Telenar and numerous mid-market sector participants.
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About Marcus Allchurch
With years of experience and successful transactions to his name, Marcus is well known and respected by entrepreneurs, corporates and private equity houses both in the UK and overseas, and he has cultivated a reputation as being interested, astute, engaged and pragmatic. Equally at home discussing the merits of different network technologies, alternative payments, and the future of digital marketing, Marcus has a proven track record of quickly identifying and articulating the value in a business or proposition. Roles with EE, KPMG Corporate Finance and BDO Corporate Finance have seen Marcus work both in the UK and across the globe with successful entrepreneurs seeking exit, and at board level with multi-national corporates looking for growth through organic and inorganic investment. Read more…
About Acuity Advisors LLP
We know technology – that’s why we’re the industry’s trusted M&A advisor. Our partners are senior players in tech and M&A: skilled at getting to the heart of a technology business, understanding what will attract buyers, and building long-lasting relationships. We have an unrivalled understanding of the industry’s complexities and personalities – our track record and client feedback are compelling evidence of that. We’re an international firm – most of our deals are cross-border, from offices in London, Munich, Shanghai and Silicon Valley – but we’re grounded in our approach. We move quickly when it’s needed, and we’re around for the long haul when patience is a virtue. We’ve maintained a very high success rate across hundreds of deals while keeping our focus on doing what’s right for our clients. From first meeting to successful exit, we earn the trust that clients and investors put in us. Read more…
© 2017 Acuity Advisors LLP
I believe that Acuity were pivotal in delivering this deal. I would have no hesitation in recommending Marcus and the Acuity team to anyone looking to deliver an ambitious transaction in the technology sector.Evan Wienburg TrueSpeed
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