Horizon Capital, the UK technology services Buy & Build specialist, is pleased to announce that it has backed Modern Networks, a successful provider of IT Managed Services and Connectivity to the Real Estate and Construction industry in a £40 million deal.
Modern Networks provides IT Support, connectivity and communications in an easy to consume integrated solution to over 2,000 sites across the UK. From its support centre in Hitchin the business delivers a high quality 24/7 service to users and serves a number of the largest commercial property managers in the UK.
The business has an ambitious growth strategy and the investment from Horizon Capital will enable it to pursue acquisitions alongside its successful organic growth. The business expects to accelerate its growth within the commercial sector and also in adjacent sectors.
Modern Networks was founded by Matthew Reeve who continues as CEO and is joined on the board by experienced Chairman Lee Shorten who was previously UK MD of Avaya and Acquisitions Director Andy Roberts, formerly CEO of Horizon portfolio company Sabio. Managing Director James Tizzard and Finance Director Nikki Sandham complete the team
Alongside Horizon Capitals investment, debt finance for the acquisition and a committed facility for acquisitions has been provided by specialist SME lender DunPort Capital Management.
Modern Networks is Horizon Capitals second platform acquisition of 2021 and joins a 14 strong portfolio of growing technology and service businesses. Horizon Capital completed 24 add on acquisitions for its portfolio in 2020 and expects to exceed that this year as it continues to grow.
Matthew Reeve, CEO & Founder of Modern Network said “This is an exciting point in Modern Networks Journey I am looking forward to working with Lee, Andy and the Horizon Capital team in accelerating the successful growth of the business. Horizon Capital were a natural partner for us as we embark on this phase of growth given their focus on technology services and buy and build.”
Lee Shorten, Chairman Modern Networks added “I am pleased to be joining the Modern Network team at this exciting time, the business has scaled and delivers a high quality service to its customers. It is a well positioned platform from which to consolidate this highly fragmented market. Having worked with Horizon Capital since 2016 on the Sabio buy and build where we have more than quadrupled the business I am confident we can achieve similar growth with Modern Networks.”
Simon Hitchcock, Managing Partner of Horizon Capital said “We are delighted to be working with Matt and his team on this buy and build journey. Modern Networks has delivered impressive organic growth over the past four years and with Lee Shorten and Andy Roberts joining the board together with Horizons proven buy and build model I am confident we will accelerate it through acquisitions.
The £40m deal value includes follow-on funding to support the company’s acquisitions.