Literacy Capital plc is pleased to announce that Lloyds Development Capital (“LDC”) has backed a management buy-out of Wifinity. Wifinity is an internet service provider specialising in providing high-speed broadband to hard-to-reach locations including campuses, key worker accommodation and other multi-dwelling sites.
Literacy Capital has re-reinvested 100% of its proceeds at completion as part of the transaction, retaining a minority stake in Wifinity, alongside LDC.
The MBO backs the management team led by CEO Costas Demetriou, who originally joined the company as CFO in 2018. As part of the transaction, David Goldie has joined the board as Non-Executive Chairman, bringing significant relevant experience having previously chaired broadband and data specialist ASK4 and cloud services and data centre operator Node4.
The business plans to expand across the UK to further increase broadband quality and speed for new and existing customers.