LDC backs Wifinity for investment drive
Summary
Leading mid-market private equity firm LDC has backed the buyout of Wifinity, the fast-growing wireless internet service provider, to support its UK expansion.Wifinity specialises in providing reliable, high-speed broadband to customers on campuses and other multi-dwelling sites, such as student and key worker accommodation and holiday parks. The business has annual revenues of more than \xa321m.LDC is backing the existing management team, led by CEO Costas Demetriou. Wifinitys current investors, Literacy Capital, are also reinvesting alongside LDC as part of the transaction. With LDCs support, the business plans to invest significantly in its wireless networks across the UK to further increase broadband quality and speed for new and existing customers.The investment was led by LDCs Joseph Fison, Christian Bruning and Tom Jervis. David has previously chaired broadband and data specialist Ask4 and cloud services and data centre operator Node4.Costas Demetriou, CEO of Wifinity, said: This is an exciting development for Wifinity that will enable us to accelerate our growth, expand into new locations and enhance our market-leading services.