Pinnacle raises £5m from BGF for ‘IT as a Service’ offering
AIM-listed firm plans to use investment to support acquisition of Cheshire-based IT company adept4
Pinnacle Technology Group, a specialist in IT services and solutions, has secured £5m from BGF Quoted – the dedicated arm of the Business Growth Fund which focuses on listed businesses – in a move to support its long-term growth strategy.
Targeted at small and medium businesses, Pinnacle utilises third party cloud and infrastructure services to help “deliver the real benefits” of IT and business telecoms.
In the last few months the AIM-listed firm has acquired Yorkshire-based companies The Weston Group and Ancar-B, and now plans to use this latest investment to acquire Cheshire-headquartered adept4.
Pinnacle has said that this acquisition would add “significant scale” and expand its portfolio to around 60 customers.
Gavin Lyons, executive chairman of Pinnacle, commented: “We are delighted to have BGF on board as a strategic funding partner as we continue to focus on growing the company organically and through acquisition.”
The BGF’s Joe Wilson added:
“The team’s knowledge of the market and track record of delivery are impressive and we are delighted to be supporting the acquisition of adept4 and the longer-term ambitions of the Group.”