Palatine’s WHP buys Paragon
WHP Group, the private equity-backed mobile telecoms services provider, has made a bolt-on acquisition as it looks to grow its market share and broaden its offering.
The Warrington firm, which has more than doubled revenues in the last three years from £17m to £40m, has acquired a Paragon Telecoms of St Helens, in a deal introduced by Manchester-based Palatine Private Equity, its owner.
The deal, for an undisclosed sum, will enable WHP to significantly enhance its mobile network services and deliver to a wider customer base. As part of the transaction Paragon co-founder and chairman Terry Flanagan is joining WHP as executive chairman.
Founded in 1988, Warrington-based WHP employs over 300 staff and is the longest established provider of professional and network support services to the UK wireless telecoms sector.
Paragon Telecoms, founded byFlanagan and Paul Barrow in 2013 and has a team of 27 staff. It specialises in telecoms, engineering and construction projects.
Rob Potter, managing director of WHP, said: “Paragon Telecoms is an excellent fit for WHP, both in terms of our culture and the skillset that the team will bring to the company. The acquisition puts us in good stead to strengthen our services and increase market share as we look to become the leading telecoms support business in the UK.”
Terry Flanagan, added: “This deal represents another milestone in Paragon’s exciting development. We established the firm to bring a fresh approach to the strategic, tactical and operational challenges that we constantly face in the telecoms industry and we look forward to offering greater and more innovative solutions to clients under the ownership of WHP.”
A team at Manchester corporate finance firm Convex Capital led by Chris Froggatt provided corporate finance advice on the transaction, while Paragon was advised by Jon Ballard of Ballard Evans. Pinsent Masons provided legal advice to WHP and Slater Heelis advised Paragon.
