Broadband Satellite Services secures eight-figure funding package
Specialist satellite communications provider, Broadband Satellite Services Limited (BSSL), has received an eight-figure funding package from Santander UK to bolster broadband provisions in remote areas around the world.
The North Shields based business, which has offices in the US, EMEA, Oceania & Asia, expects the funding to help triple its profits over the next three years, helping it to consolidate its position as one of the leading global players in the industry.
BSSL was formed in 2012 to support the management buyout of AND Group Ltd and subsequently acquired Satcom Group, one of the world’s largest mobile satellite communications providers, in 2013. It provides broadband and communications solutions in parts of the world where traditional telephone and data coverage is unavailable, supporting the connectivity needs of global shipping, energy companies, aid organisations, government and emergency services across oceans, remote land-based environments and disaster areas.
Ian Robinson, CEO, Broadband Satellite Services Limited, commented: “Operating in a unique market landscape, it is crucial to have a funding provider that understands your business. The funding package from Santander UK provides BSSL with the capital investment needed to accelerate our long-term growth strategy, address new market opportunities and strengthen our offering through service innovations, via a financial model that works for our organisation.”
Martin Beckett, structured finance director, Santander UK, added: “The world is better connected than ever before, but there are still huge areas of land and sea that have no means of communication. BSSL has operated in this space for many years but has only recently developed its own proprietary Ku-Band VSAT network which is driving phenomenal market demand. We are delighted to support BSSL in this next phase of expansion to cement its place as a global leader in satellite communications.”
Paul Wigham, partner at Weightmans LLP who advised BSSL on the deal, said: “This news is another feather in the North East’s cap, which is rapidly gaining a reputation for being at the forefront of innovation and technology. BSSL is rightly regarded as a global leader in broadband communications and it’s great to support such an ambitious North East company on its growth journey.”
Founded on the banks of the Tyne river, BSSL has a presence in many of the world’s largest ports and was one of the first companies to become certified distributors of early satellite communications and maritime safety services. It supplies solutions to 136 countries worldwide. The Business Growth Fund (‘BGF’) invested into BSSL in 2015.
Santander was advised by Kevin Maloney & Nicola Nutley at Muckle LLP. BSSL were advised by Paul Wigham and Kirsty Adamson at Weightmans LLP. BGF were advised by Imogen Holland at Ward Hadaway LLP. Bob McDermott and Dan Rosinke of Grant Thornton provided financial due diligence.