Management of Manchester ISP Metronet (UK) have invested another £45m in the company, extending their control of the firm following an original management buyout in 2012.
Elliot Mueller, chief executive of Metronet (UK), said this additional investment should enable them to continue to fund the company's expansion.
"Metronet (UK) has enjoyed a decade of growth," Mueller said. "We have a very simple mission: to offer our customers a breath of fresh air in the traditional telecoms market."
Mueller's team has now been bankrolled by ISIS Equity Partners to invest another £45m in the company – buying out the investment of Lloyds Development Corporation (LDC), which funded the original management buyout of the B2B telecoms provider in June 2012.
"This funding partnership will bring new faces and even more energy to the management team," Mueller (pictured, left) said.
Jonathan Bell, North-West director and co-head of LDC, said in its related announcement: "Over the past two years, we have worked hard to support Metronet (UK)'s growth aspirations as it capitalises on rapidly developing networking technology and demand for connectivity. Our investment has provided tangible, transformative change.
"We wish Elliott, the rest of the management team and staff all the best."
Since LDC's original investment, revenue at the business has grown by 98 per cent and EBITDA 83 per cent over the same period. It is understood that LDC got a four-fold return in equity terms from its original £11m investment.
The company combines wireless with fibre optic connectivity via leased line to multi-site networks in the north of England. It has its own infrastructure to serve 1,200 customers from SMBs to large corporates such as Capgemini.
Mueller's team includes James McCall, who started the firm in 2003 with the operational team of Steven Axon, Craig Timmis and Lee Lawrence.
Matthew Caffrey, director at ISIS Equity Partners, said in a statement that he considered Metronet to be different from other ISPs. "ISIS is backing an outstanding team and a compelling, disruptive customer proposition," he said.
Caffrey, along with ISIS Equity Partners partner Mark Advani, will also join the Metronet (UK) board.
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