Tevalis, the leisure and hospitality electronic point of sale (EPOS) solution providers, has secured an £11.5 million investment from BGF.
Headquartered in Hull and with more than 800 customers across 2,000 sites, Tevalis provides EPOS solutions to help leisure and hospitality operators manage, streamline and deliver their food and beverage operations.
Founded in 2005, by CEO James Cook, Tevalis has scaled organically to more than £8 million of annual sales. With BGF’s funding, the business has ambitions of trebling recurring revenues over the next three to five years. This will be supported by additional investment in sales and marketing, product and partners, as well as looking at potential opportunities for international expansion.
James Cook, founder & CEO of Tevalis, said: “It was important for us to find an investment partner who understood our sector and could take a long-term, patient view. We also wanted an investor who could help us scale and take the business to the next level – in BGF, we have that and we are looking forward to leveraging their network over the coming months and years to support our growth.”
As part of the deal, Rob Caul has been appointed as non-executive chair, following an introduction via BGF’s Talent Network – one of the largest groups of board-level non-executives in the UK and Ireland.
Caul brings with him a wealth of experience in scaling innovative software businesses, having founded, scaled and taken Kallidus, a HR software business, through multiple rounds of private equity investment.
The deal was led by Rob Johnson and James Baker – investors in BGF’s Yorkshire and North East team.
Rob Johnson, investor at BGF, said: “We’re excited to be investing in a high-quality technology business of scale, with an ambitious growth plan.
“Operating in a fragmented market, James and the team have done an impressive job in establishing the Tevalis brand, with clear opportunities to increase market share, both at home and abroad. We look forward to building on the excellent relationship we’ve built with James through the deal process.”
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