WHP acquires Paragon Telecoms
Palatine Private Equity portfolio company WHP Group has acquired Paragon Telecoms as the company looks to increase market share and broaden its offering in the fast moving telecoms industry.
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. The company has experienced sustained growth with turnover increasing from £17m in 2012 to almost £40m this year.
The acquisition of Paragon Telecoms follows the firm’s secondary buyout backed by Manchester-based Palatine Private Equity. It will enable the business to significantly enhance its mobile network services and deliver to a wider customer base.
Headquartered in St Helens, Paragon Telecoms was founded by Terry Flanagan and Paul Barrow in 2013 and has a team of 27 staff. The owner-managed business, which specialises in telecoms, engineering and construction projects, was introduced to WHP by Palatine Private Equity. As part of the deal, Terry Flanagan will be joining the company’s board as Executive Chairman.
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, Chairman of Paragon Telecoms, commented: “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 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.