Gloucestershire firm swoops for rail training specialist
Training and software firm Pennant International has acquired a rail specialist firm for almost £1m.
The Cheltenham firm has acquired Track Access Productions also known as TAP.
Based in Bedfordshire, TAP was established in 2001 and provides driver training, route mapping and route familiarisation services to the UK rail industry.
Clients include train operating companies, freight operating companies, engineering prime contractors and infrastructure providers.
Revenues are generated through a subscription-based web portal and through project-specific route mapping services.
Ian and Jill Heys, the founders and owner/managers of TAP, will work a short transitional period to ensure a smooth handover. The rest of TAP’s employees and consultants are expected to remain with the business.
The acquisition is being funded entirely from the group’s existing cash resources.
TAP’s business aligns closely with Pennant’s existing Track Access business unit and the deal will consolidate the group’s presence in this market. The combined unit is expected to generate revenues for 2023 in the region of £850,000 and will be able to provide an enhanced offering to a broader customer base.
The acquisition also aligns with the company’s current strategy, in particular it enhances the group’s recurring revenues, further diversifying into civilian markets, whilst bolstering the goup’s ‘third pillar’ of rail products and services.
Phil Walker, Pennant group chief executive, said: “I am delighted to confirm the acquisition and to welcome the TAP team into the Pennant Group. TAP is an excellent business with a long-standing, trusted reputation in the UK rail market and we look forward to working together to integrate TAP into Pennant’s growing rail offering.”