6 November 2018 | Herpreet Kaur Grewal
Winter service company Gritit has announced that it has entered into a partnership with Total Capital Partners (TCP) to help fund and secure its development strategy.
Gritit provides a range of technology-enabled winter services including snow clearance and gritting to more than 4,400 sites across the UK.
Since 2016, it also offers grounds maintenance, landscaping and civil works and has made acquisitions in this sector.
The company's long-term goal is to become "a leader of all external FM services offering unrivalled, technology-led 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 successful strategy in this sector.
Total Capital Partners will hold a 40 per cent stake in the business.
Petsch, founder and CEO of GRITIT, said: "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."
This is the third investment that Total Capital has made in the past 18 months following the MBOs of Walkers Transport, a transport and logistics specialist, and Weird Fish, a lifestyle leisurewear clothing brand. Total Capital Partners provides single-source financing for established SMEs with a funding requirement of up to £30 million.