Tuesday 5th November
Grain Connect, part of Pinnacle Group and one of the leading providers of ultrafast broadband for new build homes across the UK, announces £10m (GBP) investment by the Albion Real Assets Fund, a newly raised fund managed by Albion Capital.
This will drive Grain’s network deployment and market position, enabling customers to benefit directly from Gigabit symmetrical connections, where download speeds are around 20x the UK average. Cameron Barney acted as financial adviser to Grain in the transaction.
This latest phase of investment by the Albion Real Asset Fund will enable Grain Connect to expand its network and service offering, grow its team and capitalise on the latest phase of new housing developments across the UK. Grain Connect will continue to work with Pinnacle Group, its founding shareholder and long-term funding partner, to further unlock opportunities to support communities across Pinnacle’s UK portfolio. At the same time, Grain has concluded an agreement with Solway Communications, its other founding shareholder, for the acquisition of certain network assets from Solway, the transfer of staff and expertise to Grain and the provision of services to Solway’s fixed wireless business.
Rich Robinson, Managing Director of Grain Connect said of the announcement: “We are delighted to announce the next phase of our growth and the integration of the full end-to-end customer experience with Grain Connect’s operations. We are committed to providing the highest quality of service in delivering full-fibre broadband across the UK. Albion Capital understands the opportunities for the UK communications sector and has a proven track record investing in organisations that deliver for customers and shareholders. This investment enables the Grain Connect team to consolidate its position as one of the leading installers of full-fibre broadband in the UK, whilst retaining flexibility for housebuilder clients and ensuring the highest level of service for homeowners.”
Adam Chirkowski, Investment Director at Albion Capital added: “The opportunity to invest in the growth of one of the UK’s most exciting communications providers is highly exciting. Capitalising on the increasing demand for future-fit broadband services, Grain Connect is working to provide new housing developments nationwide with a resilient, high-quality broadband service that is meeting the needs of homeowners. Albion has been extremely active in the FTTP market, particularly investing in the growth of alt-nets to enable them to reach critical scale. Grain Connect’s dedication to every home, ensuring residents have the foundations and the choice to receive the best quality network for them is critical to the growth of the business and makes the investment an exciting next step in Albion’s fibre portfolio.”
Perry Lloyd, Chief Executive of the Pinnacle Group, said of the investment: “At Pinnacle we are committed to working with communities across the UK to deliver the highest quality of service through understanding the needs of residents and adapting to changes in our modern world. This continued investment in Grain Connect underlines our commitment to supporting the digital transformation of communities, enabling them to benefit from the rapid improvements to broadband technology. Through Grain Connect, we see strong synergies across the Pinnacle Group businesses, unlocking opportunities to provide the essential services that enable communities to make a space, their home.”