Scottish IT provider Instalec has been acquired in a management buy-out by one of its directors, Graeme Taylor, for an undisclosed seven-figure amount.
Scottish IT provider Instalec has been acquired in a management buy-out by one of its directors, Graeme Taylor, for an undisclosed seven-figure amount.
Instalec, which is headquartered in Aberdeen with offices in Glasgow and a presence in London, Houston and the Middle East, will be renamed Instalec Technology Group following the transaction. The business has five divisions in cabling, networks, systems, software and business consulting.
As part of the purchase, entrepreneur Steve Higgins will join the company as group chairman. Taylor, who joined Instalec in 2003 before becoming a director in 2004, plans to consolidate the business’s global client base and has committed to further international expansion.
He comments, ‘This is an exciting time for the Instalec group. Going forward, I am committed to building on our brand and reputation. We are already the North East’s largest IT solutions provider, our focus now is on expanding the business and growing our global client base.’
‘We have a heavy presence in the oil and gas sector and have recently established a number of international contracts. This presents us with a robust platform for our future development. The organisation is in a strong place and we expect our turnover to treble to £15 million in the next 5 years, while doubling our staff numbers’.
