LDC, a mid-market private equity firm, has backed the buyout of the fast-growing wireless internet service provider, Wifinity. Based in Kingston upon Thames, Wifinity specialises in providing high-speed broadband to customers on campuses and other multi-dwelling sites, such as student and key worker accommodation and holiday parks.
The existing management team led by CEO Costas Demetriou is being backed by LDC. Wifinity’s current investors, Literacy Capital, are also reinvesting alongside LDC as part of the transaction. With support from its backers, the business plans to invest significantly in its wireless networks across the UK to further increase broadband quality and speed for new and existing customers.
LDC’s Joseph Fison, Christian Bruning, and Tom Jervis led the investment. As part of the transaction, Fison and Bruning will join the board, alongside experienced technology executive David Goldie, who joins as Non-Executive Chairman. Goldie has previously chaired broadband and data specialist Ask4 and cloud services and data centre operator Node4.
CEO of Wifinity, Demetriou commenting on the buyout said that it will enable it to accelerate its growth and expand into new location.
LDC was advised by Oakley (corporate finance), KPMG (financial due diligence), CIL (commercial due diligence), Analysys Mason (technology due diligence), Foundation SP (IT due diligence), and Goodwin Procter (legal).
Wifinity was advised by Cameron Barney (corporate finance) and Addleshaw Goddard (legal).
LDC is the private equity arm of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority.
LDC has supported more than 130 TMT businesses with £1.3 billion of capital. The private equity firm has backed 30 management teams in the sector in the last five years alone, including communications technology provider Babble Cloud, education technology specialist Texthelp, and B2B telecoms provider Onecom.
LDC has a portfolio of 90 businesses across the UK. Its portfolio businesses cover a broad range of sectors including TMT, financial services, healthcare, and construction and property.