Cooper Parry Corporate Finance has completed the sale of Northampton-based communications company Pure Business Services (“Pure”) to PMGC, an independent provider of telecoms and technology services, for an undisclosed sum.
The deal, the first of its kind between two Vodafone ‘Total Communication Partners’, has created the third largest independent provider of mobile services in the UK, with more than 70,000 customers and annual revenues of circa £20 million.
Established in 2006 by Marcus Richardson and Gavin Tedstone, Pure has grown to be one of the leading IT and telecoms services companies in the UK, with an annual turnover in excess of £8 million. In 2012, the company received investment from Finance Birmingham to enable it to achieve its growth ambitions.
Solihull-based PMGC was formed in 2012 following the merger between Premier Mobile, Phonebox Communications, AMC, Veecom, RGT and Dane Europe.
As well as its head office in Hampton-in-Arden, the company has offices in London, Bristol and Edinburgh.
The board of the new combined business will comprise Shez Cheema, chief executive officer of PMGC who will continue as CEO, and John Handley, chief investment officer of Finance Birmingham, will become chairman. Sam O’Donnell from PMGC will continue as chief operating officer.
Shez Cheema said:
“Growing the business organically and moving us from a pure play fixed and mobile provider to a unified telecoms and IT fully managed service provider is now our sole focus. The acquisition of Pure provides us with the perfect launch pad, increased critical mass, capability and expertise, to enable some ambitious longer term strategic aims that include IP voice, IT hosting and Cloud computing.”
The Cooper Parry Corporate Finance team was led by Andy Parker and assisted by Philip Rogers in corporate tax.
Andy Parker said:
“This was a complex deal in a rapidly changing telecommunications market, which continues the trend of successful exits for entrepreneurs and private equity investors.”