I am delighted that LDC have backed the Onecom management team to pursue our growth strategy over the next few years. We have worked very closely with LDC over the last few months and they share the same level of ambition as we do.”Ben Dowd, CEO
“This investment will help accelerate Onecom’s growth organically and inorganically. I am delighted that Darren will stay in the business as Non-Executive Director. His experience of Onecom and the market will be invaluable to me. The opportunities that exist for Onecom are significant both from a partnership and an acquisitive perspective. Onecom has a proven track record of delivering growth and this approach will now be super charged. The market is ripe for consolidation and Onecom can play a big role in this across mobile and fixed solutions where there is a huge number of resellers. I am very excited to work with LDC, Darren, Mark and of course my management team to deliver this growth over the next 3-5 years.”
Darren Ridge, who founded Onecom in 2002, stated, “It’s great to get LDC’s backing and support for our vision. Under Ben and the management team’s leadership, we will see the business grow substantially over the next five years.”
Onecom has won several awards this year including ‘Best Customer Service Award’ at the Mobile News Awards in March; Best Unified Comms Dealer 2019 at the Mobile Industry Awards, and it has been named Vodafone Total Communications Partner of the Year for the 5th consecutive year.
The investment was led by LDC Head of London Yann Souillard, who will take a place on the board as Non-Executive Director. Souillard commented: “The role of communications in driving business growth and productivity is well-understood. Onecom occupies a unique position in the business telecommunications market, offering a truly converged solution with the market’s leading operators and equipment manufacturers. What’s more, Ben and the management team have a clear vision and ambition for the business and a credible plan to deliver it. We’re excited to be part of that journey.”
LDC’s heritage and experience across the technology, media and telecommunications sector is unrivalled, with recent investments including; texthelp, MSQ Partners, Amberjack, Littlefish and Evolution Funding. LDC has backed 600 management teams over more than 35 years and has £1.2bn to invest across the UK mid-market in the next three years.
The telecoms sector is enjoying rapid growth due to the continued convergence of communications services, the growth of the data economy and the UK’s expanding digital infrastructure. Telecoms is and will remain a vital service for UK businesses. Between now and 2022, business to business mobile spend is set to increase by around 4% a year. SMEs spend as much as £16 billion a year on telecoms and connectivity, so it’s a huge and growing market that Onecom operates in and is well placed to serve.
Notes to Editors
- LDC is the private equity arm of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority.
- LDC backs ambitious management teams from UK-based medium sized companies seeking up to £100m of investment to fund management buyouts or development capital transactions.
- LDC invests in a broad range of sectors and has particular experience in Healthcare, Industrials, Retail & Consumer, TMT, Travel & Leisure, Support Services, Construction & Property and Financial Services.
- LDC has a UK regional network with locations in Aberdeen, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Newcastle, London, Manchester, Nottingham and Reading.