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 £2m, with another deferred payment of up to £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 £18.7m and £100,000 in underlying pre-tax profit.
Styles & Wood’s acquisition of the firm comes after chief executive Tony Lenehan told Building 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: “The 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.”
He added: “Styles & Wood has a proven diversification strategy which has strengthened our client relationships across our focus sectors.
“This 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.”