Management Buyout of ITI Network Services
21st June 2016
A £3m-turnover Sheffield-based business which has provided specialist wireless and telecoms infrastructure services in locations including Buckingham Palace, Downing Street, the London Olympic Stadium and for leading blue-chip Telecoms companies in the UK and Europe, has been acquired in a management buy-out.
21 year old ITI Network Services (a trading name for IT Installations Ltd), based in Sheffield's Aizlewood's Mill, has been purchased in the MBO led by current managing director, Jason Denmark, and backed by NatWest. The Templand Group, set up by Jason Denmark and Steve Clarke, became 100% owner of ITI Network Services in a deal concluded on Friday 10th June. Allan Milburn, outgoing chief executive, founded ITI in 1995 and is now retiring. The management buyout team was advised by Robert Hanney, Director of Corporate Finance at Knowles Warwick with William Islip, Senior Relationship Manager at NatWest Commercial Banking providing part of the funding to support the deal. Michele Phillips, Director Corporate Finance at Lupton Fawcett LLP provided legal advice to the buyout team and Lisa Wallis of Freeths Sheffield acted for the vendor. Allan Milburn, founder of ITI and outgoing chief executive, said: "In the 21 years that I have been running ITI, the telecoms industry has developed considerably as new technologies have evolved. In that time, ITI's fantastic team of dedicated staff have helped the business to become genuinely world-class and highly respected, and I have been determined to leave the business in the best possible position for future sustainability, and to finding a new owner with the commitment and skills to lead the ITI into its next phase. "Since launching ITI, many of our loyal customers have also become great friends, and I want to thank them for choosing to work with ITI, and thank our loyal and hard-working team for their unwavering commitment over the years. "I am delighted that Jason and Steve have led this management buyout to become the new owners of the business. Their investment into the business and ambitions for sustainable growth will see ITI go from strength to strength." Jason Denmark, managing director of ITI Network Services and chief executive of The Templand Group, said: -ITI is a fantastic business and has become a major name in the telecoms and wireless industries under Allan's leadership, attracting some of the most prestigious clients in these sectors. It's been a privilege to become part of the business and help steer its path through several changes during the last 12 months, and I am absolutely thrilled to have concluded our management buyout. "As Allan looks forward to a well-deserved retirement, I'd like to thank him sincerely for all that he has done to build the business and a loyal and hard-working team. This management buyout brings new investment into the business, and we have exciting plans for future business acquisitions and expansion within the telecoms and electrical contract markets. We look forward to an exciting new chapter for ITI and The Templand Group." The acquisition has been funded by NatWest, Steve Clarke and Jason Denmark. Will Islip, Senior Relationship Manager at NatWest, said: -ITI Network Services has been delivering outstanding services to a range of customers for more than two decades and under Jason and the Templand Group, it will continue to grow and develop. We wish the business every success for the future. For media enquiries and interview requests, please contact Jamie Veitch on 07904 272 200 / firstname.lastname@example.org www.itinetworkservices.com