Onecom bags £100m funding for M&A spree

Founder and CEO takes non-exec role after securing cash injection

Onecom has secured £100m in funding to fuel a period of organic and inorganic growth.

Onecom claims to be the largest telecoms provider in the country, with sales topping £70m during the year ending 31 December 2017.

The funding has been provided by LDC, the private equity arm of Lloyds, and credit funds managed by Ares Management Corporation.

Onecom also said that founder Darren Ridge will step down from his role as group CEO and become a non-executive director.

Onecom CEO Ben Dowd said: "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.

"This investment will help accelerate Onecom's growth organically and inorganically.

"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."

Onecom is headquartered in Fareham and claims to have doubled its revenue over the last five years.

The firm has 400 employees across 10 regional offices and names Samsung, Apple and Mitel among its vendor partners.

The latest funding round comes on top of a £30m injection that Onecom announced in April.

Yann Souillard, head of London at LDC, said: "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."