Stevens & Bolton LLP has advised Business Growth Fund (BGF) on its £10m growth capital investment in Olive Communications Solutions Limited (Olive), the UK's fastest growing business communications provider. Barclays has also provided £5.25m in new debt facilities.
Olive provides unified communications solutions which help corporate and small and mid-sized organisations in the UK to improve the way they run their IT infrastructure across voice and data applications and mobile devices.
BGF was established in 2011 to help Britain's growing smaller and medium sized businesses. Backed by five of the UK's main banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered. BGF is an independent company with up to £2.5bn with which to make long-term equity investments.
The new £15.25m funding package is being used to expand Olive's customer base and further develop the range of services available to existing clients. The business also plans to grow its 150 strong team with appointments across its three sites in High Wycombe, Hatfield and Towcester.
Mark Nunny, the investor director who led the transaction for BGF and will also take a seat on the board of Olive, said: "We would like to thank Stevens & Bolton for their high quality legal advice during our investment in Olive. We were provided with excellent commercial and legal solutions to technically complex issues arising throughout the deal. It was great working with Joe, Chris and the team and we are delighted with the end result."
Stevens & Bolton LLP corporate partner Joe Bedford said:
"we are delighted to have acted for BGF on their investment in Olive. We wish them and the Olive management all the best with their plans for continued growth of the Olive business."
The Stevens & Bolton team was led by corporate partner Joe Bedford, supported by Christopher Benjamin (corporate associate).