By Lyndsey Hall
Robert Hanney, Director of Corporate Finance at Knowles Warwick recently advised on a management buyout for one of our clients.
ITI Network Services (a trading name for IT Installations Ltd) is a telecoms business, based in Sheffield, with a turnover of £3m. Founded in 1995 by outgoing chief executive Allan Milburn, the company has provided specialist wireless and telecoms infrastructure services in locations including Buckingham Palace, Downing Street, and the London Olympic Stadium, as well as for leading blue-chip telecoms companies in the UK and Europe.
Allan is now retiring, with current managing director and chief executive of the Templand Group Jason Denmark leading the management buyout. Jason and the management team were advised by our very own Robert Hanney, with Will Islip, Senior Relationship Manager at NatWest Commercial Banking providing part of the funding. Legal advice was provided to the buyout team by Michelle Phillips, Director of Corporate Finance at Lupton Fawcett Denison Till, and to the vendor by Lisa Wallis of Freeths Sheffield.
Allan Milburn said of the deal:
“In the 21 years that I have been running ITI, the telecoms industry has developed considerably as new technologies have evolved. In that time, it is 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 possible position for future sustainability, and to finding a new owner with the commitment and skills to lead 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, who funded the acquisition, along with Steve Clarke and NatWest, 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 do ITI and the Templand Group.”
We wish Jason, Steve and the team the best of luck in their new venture, and we look forward to a long and successful relationship between ITI and Knowles Warwick.
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