Greater Manchester-based 4th Utility has acquired Vision Fibre Media
The deal comes as part of 4th Utility’s drive for further growth following a £25 million investment, and up to 60 new jobs being created at the firm 4th Utility, a Manchester-based fibre broadband provider, has completed the acquisition of a specialist fibre-optic network business to help bring ultrafast connectivity to more homes in the UK.
The deal sees 4th Utility complete the takeover of London-based Vision Fibre Media (VFM) and represents the company’s first acquisition in line with its ambitious growth plans.
VFM’s footprint covers central London including iconic buildings such as the Barbican, and the deal will allow 4th Utility to grow its market share through increased connections and fibre broadband take up in the capital.
Alongside the acquisition, the company has also finalised an additional funding agreement with DIF Capital Partners to facilitate further strategic expansion. The new funding comes following an initial investment of £25 million in August 2020.
Established in 2017, 4th Utility works with residential and commercial landlords, property developers and house builders to install and upgrade properties with full fibre connectivity.
Tony Hughes, CEO at 4th Utility, said: “As a company we are delighted to complete this acquisition which enables us to further accelerate our growth plans.
“The Covid-19 pandemic has emphasised the need for full fibre solutions to support digital inclusion and drive economic growth. The additional funding from DIF Capital Partners supports our drive for organic and in-organic acceleration of our full fibre plan.”
Ian Ratcliffe, Managing Director of VFM said. “The most important element in choosing an acquisition partner for us was a company with a clear vision and roadmap for the nationwide roll-out of fibre broadband.
“It was clear to us straight away that 4th Utility ticked the box, alongside having an experienced management team with the knowledge and expertise to make it happen.”
4th Utility was advised by a legal team from Shoosmiths and UHY Hacker Young, with Grant Thornton acting on behalf of Vision Fibre Media.