TFM Networks acquires Tru Solutions
HMT led by Partner Paul Read advised connectivity service provider TFM Networks (‘TFM’) on their acquisition of Tru Solutions Ltd (‘Tru Solutions’) supported by Santander Corporate and Commercial (‘Santander’).
Founded in 1995, TFM is a provider of voice, data and IT network connectivity services to multi-site SMEs across the UK.
Based in Derby, Tru Solutions is a B2B mobile communications provider and will complement TFM’s range of connectivity services. Tru Solutions is the third company acquired by TFM as it has expanded in recent years with the acquisition of both Conexion Communications in 2012 and Waveworks in 2013.
Santander has provided total funding of £4.5 million to support the acquisition, enabling TFM, with its operations in Aylesbury and Loughborough, to offer an enhanced suite of products to an enlarged customer base, ultimately leading to “transformational growth” over the coming years.
HMT, led by Paul Read provided due diligence services on this transaction.
Martyn Drake, Director of Growth Capital at Santander commented:
“Many thanks to Paul and his colleagues at HMT for helping to get this transaction across the line. The patience and persistence of all involved has finally paid off and we look forward to working with Stewart at TFM over the coming years to fulfil his ambitions for growth.”
Debbie Marsh, CFO of TFM commented:
“We are extremely excited by the acquisition of Tru Solutions. The combined business now has a full portfolio of fixed, mobile, voice and data communications services to offer to our expanded business customer base, all with a single point of support and control.
The help and support that we have received from both Santander and HMT to achieve our ambitions through this acquisition has been invaluable and we have enjoyed working with people who really understand our business.”
Paul Read commented:
“We are delighted to have assisted TFM and Santander on the acquisition of Tru Solutions which will enable the business to achieve its growth ambitions over the coming years. We wish TFM every success and look forward to working with them again in the future.”