The recently announced sale of Summit Media to TCC Global brings to fruition a hugely ambitious partnership between Summit Media and Rcapital.
“The Rcapital investment in early 2015 has proved to be the critical stepping stone in our growth strategy.” Hedley Aylott CEO and Founder, Summit Media
Rcapital provided growth finance to Summit at a critical stage in its development. Identifying the significant potential that Summit’s data driven approach to retailer marketing offered, in particular its Forecaster platform, Rcapital provided Summit with the capital it needed to develop its products and grow the business rapidly.
Hedley Aylott, CEO and Founder, Summit Media said: “The Rcapital investment in early 2015 has proved to be the critical stepping stone in our growth strategy, and allowed us to demonstrate the true value of our business to our new owners. Having built the business over the last 15 years, I hadn’t realised the full extent of Rcapital’s resources – both financial and operational. The hands-on support that they have provided has been phenomenal.”
Aylott continues: “The funding provided by Rcapital has allowed the company to really kick on in the last 18 months. We have achieved over 370% growth in profit, and now have more than 160 colleagues providing market leading solutions to some of the world’s largest retailers. Having been acquired by TCC Global, I can only see further growth, and across a broader and more international playing field.”
Jamie Constable, CEO, Rcapital, said: “The quality of Summit Media’s enhanced digital product offering to its blue-chip client base was obvious and we wanted to support both the short term working capital and the long term growth aspirations of the business. The sale to TCC brings to conclusion the first of a number of investments that we have made in growth companies, in order to allow them to reach their full potential. This part of our offering will become a significant revenue stream for Rcapital in the future.”
“We are delighted to see the company go from strength to strength, and are looking forward to further opportunities of working together.”