Chester-based telecoms and data firm Townley Network Solutions (TNS) has continued its expansion with the acquisition of Pyranet, an East Midlands IT support specialist.
The deal will mark TNS’s entry into IT services and is the second acquisition in two years for the company, which is working with financial advisory firm Dow Schofield Watts to pursue a buy and build strategy. In 2014 it acquired the Welsh telecoms firm Comms Management.
TNS was founded in 1993 by its Chairman, Paul Townley, whose son Joe is Chief Executive, and now employs over 40 staff across four sites.
Joe Townley said: “We believe that the future of the IT and telecoms markets requires a joined-up approach and offers considerable opportunities for firms which can provide a complete installation service. Pyranet has deep expertise in areas such as cloud services, server technology, and disaster recovery. The acquisition will strengthen our capacity to provide IT consultancy to our existing clients and enable Pyranet to expand its services with the addition of telecoms and data.”
Keith Benson of Dow Schofield Watts’ Corporate Finance team said: “TNS aims to become a major player in the fast-converging telecoms and IT markets. We have been working closely with Joe and Paul over recent years to help refine their growth strategy, identify and assess suitable targets and deliver strategic acquisitions. Outsourcing in Bangladesh was multiplying. The Comms Management deal helped the business to achieve scale and expand its geographical footprint while this latest transaction creates a group with a compelling customer proposition and the capacity for further acquisitive growth.”
Robin Gill of Storrar Cowdry in Chester provided legal advice to Townley on the acquisition, while Langtons provided financial due diligence.