The management team at internet service provider Metronet (UK) has led a £45m secondary management buyout of the business, backed by ISIS Equity Partners.
Metronet, which serves businesses across Leeds, has over 1,200 customers ranging from SMEs to blue chip organisations such as Arqiva, ao.com, Headingley Stadium, Bruntwood, Autotrader, Umbro and Capgemini.
The company recently reported its first million pound month and has been the top supplier on the Government’s Connection Voucher Scheme.
It has grown from Manchester roots to cover Greater Manchester, Leeds and Bradford, Greater Birmingham, Liverpool, Warrington, Chester and Crewe.
Metronet’s CEO Elliot Mueller says the investment will support the business as it grows rapidly into new and existing territories. The aim is to serve the whole of the UK over time.
“Metronet (UK) has enjoyed a decade of growth and is now seen as one of the leading lights in the industry,” said Mr Mueller.
“We have a very simple mission: to offer our customers a breath of fresh air from the traditional telecoms market. This funding partnership will bring new faces and even more energy to the management team and will be the springboard for our expansion across the country. We look forward to announcing our expansion plan over the coming months.”
Xavier Woodward, investment director at ISIS Equity Partners, said: “ISIS is backing an outstanding team and a compelling, disruptive customer proposition that is competitively and technologically differentiated from other ISPs by its wireless technology.”