A digital agency, whose clients include Alton Towers, the Royal Navy and the owner of British Gas, has secured a £25m minority investment from private equity firm LDC.
Manchester-headquartered CTI Group (CTI) is to use the additional funding to support the next stage of its international growth.
The group reported a revenue of £18m for its latest financial year and includes CTI Digital, Supercharged Commerce, Stardotstar, Nublue, Ixis, Worship and Mosquito, which it bought in February 2021.
READ MORE: Missguided puts 140 jobs at risk
CTI employs 175 people across its offices in Manchester and Lancaster and is led by founder Nick Rhind.
The group has plans to expand into new international territories as well as opening new offices to support a growing client base in the USA, Europe and Asia.
Richard Ibbett, Jacob Leone and Dale Alderson from LDC’s Manchester-based North West team led the investment.
As part of the transaction, Mr Ibbett and Mr Alderson will join the board alongside Simon Wilkinson, former CEO of global software services company Mobica, who will become non-executive chairman.
Mr Rhind said: "Rich, Dale and Jacob really took the time to get to know our people and our business.
"They also understood the importance of preserving the things that have made us successful as we grow, from our entrepreneurial culture to our focus on client service.
"We’re excited to create new opportunities for our people and our clients all around the world as we bring our expertise to bear through a combination of organic growth and further acquisitions."
Mr Ibbett, investment director at LDC in Manchester, added: "Nick and the team have built an impressive digital agency that is growing rapidly. Our support will help the management team to accelerate this momentum.
"We are already working closely with them to support a pipeline of exciting opportunities that will further expand the business."
CTI Group was advised by BDO (corporate finance) and DLA Piper (legal).
LDC was advised by EY (corporate finance and tax), BDO (financial due diligence), Addleshaw Goddard (legal) and GRAPH (commercial due diligence).
