Winter services company, GRITIT has entered into partnership with Total Capital Partners (TCP) to help fund and secure its future development strategy.
GRITIT provides a range of technology enabled winter services including snow clearance and gritting to over 4,400 sites across the UK. Since 2016, it also provides grounds maintenance, landscaping and civils works and has made acquisitions in this sector. The company says its long term goal is to “become a leader of all external FM services offering unrivalled, technology lead propositions”.
Total Capital is providing its differentiated single source funding, a combination of equity and debt, to support both organic growth and acquisitions, backing CEO Jason Petsch and his management team to continue their strategy in this sector. Total Capital Partners will hold a 40 per cent stake in the business.
The business is growing rapidly and achieved revenues of £25 million in the year ending September 2018, an increase of 150 per cent in just two years. Headquartered in Leatherhead, Surrey, it employs c. 150 full time staff and provides jobs for up to 400 people during the peak winter season.
Paul Brown led the investment on behalf of Total Capital Partners, and commented: “GRITIT is an exciting, high growth business that is at the forefront of technology development in its sector. Applying its technological leading edge, it will continue to take winter services market share and continue its expansion into grounds maintenance and landscaping. With a robust capital structure from Total Capital to take the business forward, the business is now very well-placed to increase its market share and capitalise on exciting acquisition opportunities, some of which we have already identified.
Jason Petsch, founder and CEO of GRITIT, commented: “We felt that the time was right for our business to bring in an investor with whom we could partner during the next phase of our growth. We see a huge opportunity to expand our service provision across the UK and increase our range of services. The funding that we have received from Total Capital will give us additional firepower to pursue those goals.”
Total Capital Partners provides single source financing for established SMEs with a funding requirement of up to £30 million.