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, he 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.”
For more business news in your area, click the link below: