KEITH Anderson, the co-founder and chairman of Boston Networks is leaving the business after the investment fund established by former Bowleven chairman Billy Allan acquired a stake in the information technology group.
Aliter Capital said the Glasgow-based company has the potential for “transformational growth” both organically and through targeted bolt-on acquisitions.
Prior to the investment 70 per cent of Boston Network’s equity was owned by co-founder Keith Anderson and his family. The remaining 30 per cent by chief executive and co-founder Scott McEwan.
When asked if Mr Anderson was remaining with the business or whether the Aliter investment had bought out his equity, a spokeswoman said: “Scott McEwan will continue to lead the business with the support of the senior management team. Scott will be joined on the board by Greig Brown [as chairman] and Billy Allan, the founding partners of Aliter Capital, making way for current chairman Keith Anderson to leave the business.”
Boston which focusses on fire, security and smart building systems, had revenue of £7.5 million in the year to April 2016.
Aliter Capital 1 LP was founded in 2016 by a group of support services entrepreneurs and backed with investment Mr Allan, Mr Brown, Andy Galloway and Andrew Busby.
Its focus is small and mid-sized businesses in the UK support services sector, with a strategy of making selective investments to enable it to provide hands on support.
Boston Networks is the third company to join its portfolio.
Greig Brown, partner of Aliter Capital, said: “Boston Networks is a fantastic example of the type of business and management team that Aliter is looking to back and where we can use our sector expertise to support transformational growth.
“We have a strong track record of developing regional businesses and see clear potential to support this business both organically and through bolt-on acquisitions.”
Aliter said its plan was to drive both the organic and acquisitive growth of Boston Networks to enable it to gain scale and a national footprint.
Mr McEwan said: “I have been aware of the Aliter team and their track record for a number of years, so having the opportunity to work closely with them on the next stage of Boston Networks’ development is exciting.
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