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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