Fit-out firm buys 60-strong specialist Keysource
Styles & Wood has bought data centre specialist Keysource as it targets growth in the data centre market.
The fit-out firm has bought Keysource for an initial 拢2m, with another deferred payment of up to 拢5m to be paid if Keysource hits set financial targets.
Based in Sussex, Keysource is a data centre design and build contractor and employs over 60 staff.
Last year it posted revenues of 拢18.7m and 拢100,000 in underlying pre-tax profit.
Styles & Wood鈥檚 acquisition of the firm comes after chief executive Tony Lenehan told 黑洞社区 earlier this year that the fit-out specialist was considering developing an acquisition plan to help it grow.
Speaking about the Keysource acquisition, he said: 鈥淭he data centre market is a sector we have been looking to access for some time and believe it has strong growth prospects driven by a combination of macro and regulatory factors.鈥�
He added: 鈥淪tyles & Wood has a proven diversification strategy which has strengthened our client relationships across our focus sectors.
鈥淭his acquisition further reinforces our strategic vision and will enable us to widen our service offering to both existing and new customers and create new sustainable business opportunities for the group as a whole.鈥�
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