Merger for growing electrical companies
A NEW company has been created following the merger of two established electrical contractors.
ITI Electrical Services has been formed after a merger between RU Safe and Buzz Projects.
Four employees and 16 subcontractors of Buzz Projects have been subsumed into the new firm.
The business is part of the Templand Group which was formed following an MBO earlier this year and is a sister company to ITI Network Services.
The ambitious group intends to grow and create new jobs in 2017.
Jason Denmark, chief executive of The Templand Group and managing director of ITI Network Services, said: “When Steve Clarke and I created the Templand Group earlier this year to lead a management buyout of ITI Network Services, we stated a clear ambition to expand the business through acquisitions and organic growth.
“ITI has delivered an increasing amount of electrical installation and maintenance work to our blue-chip clients, and the opportunity to bring Buzz Projects’ highly experienced team into a new business within our group presented a natural and complementary fit.
“We look forward to creating new jobs within ITI Electrical Services. The new business has been built on the foundation of 30 years of solid commercial and industrial experience in electrical contracting.”
Jack Malia, director of Buzz Projects, added: “We’ve had an excellent relationship with ITI and many of the firm’s clients for several years now and I am thrilled by the new opportunities that this merger will create. We look forward to building on our and ITI’s strength and experience.”
The Templand Group and ITI Electrical Services were advised by Robert Hanney, director of corporate finance at Knowles Warwick with William Islip, senior relationship manager at NatWest Commercial Banking providing part of the funding to support the deal. Michele Phillips, director of corporate finance at Lupton Fawcett LLP provided legal advice.
Will Islip, senior relationship manager at NatWest, said: “I am delighted to be right behind ITI Electrical Services as they embark on a significant period of growth and market expansion throughout the UK.
“It will be an outstanding addition to the Templand Group that operates within an ever-evolving sector. It is exciting to provide continued financial support and I wish the business, staff and directors every success for the future.”
