Berkshire-based Tower Leasing backs Flotek’s growth strategy
Funding from Bracknell-based finance firm Tower Leasing is backing the acquisitive growth strategy of Welsh IT Managed Service Provider Flotek.
Flotek was founded by a trio of entrepreneurs to support SMEs in South Wales prepare for IT digital transformation through support with next generation technologies which can improve their operations and service offerings.
Tower Leasing has committed a substantial acquisition fund to enhance Flotek’s strategy for organic and acquisitional growth, which includes an established pipeline of deals set to complete by the end of the year.
Jay Ball (pictured above, right), CEO of Flotek, said: “We’re thrilled with not only the difference Flotek has made to our clients, delivering growth, scalability and cost savings though first-class services and technologies, but our own fast growth as a business.
“This backing from such a force as Tower Leasing is an endorsement of our business model and management team at Flotek, and a real boost to the buy and build growth strategy we’ve set out.”
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With more than 30 years’ experience in finance brokerage, Tower Leasing has established relationships with more than 25 financial institutions alongside access to its own book funds.
The relationship between the two firms is already bearing fruit, evidenced in Flotek’s recent acquisition of legal and professional services specialist IT provider Gower Business Systems. The Tower Leasing-supported acquisition expanded Flotek’s geographical reach and contributes £1.2 million in revenue.
Kerry Howells (left), Managing Director of Tower Leasing, said: “Flotek’s SME-focused ethos of dedicated managed services support is a distinct, and much-needed approach in this field. We are delighted to partner with Flotek and commit our support as the business continues its acquisitional growth.”
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