A London-based IT managed services provider, Penntech, has been sold to Leeds-based Dynamic Networks Group, backed by Kingland Capital, in a deal advised by KBS Corporate.
Penntech was founded by Lewis Pennell in 2017 and has developed strong, long-standing relationships with clients across a diverse range of sectors. Lewis, Penntech’s managing director, remains with the business as it now integrates with Dynamic Networks, which was seeking to expand its geographical footprint.
“After more than eight years of running a successful IT business, it was the right time for me and the company to benefit from being part of a larger group, able to service a wider customer base with an extended portfolio of IT business solutions,” said Lewis.
“We deliberated hard over the best suitor for integrating our company and Dynamic Networks were a logical fit for us with their focus on putting the customer first, their quality of service and similarly strong company values.
“There are exciting times ahead for our staff and customers and I very much look forward to working with the Dynamic team in the months and years ahead.”
Dynamic Networks is backed by technology investor Kingland Capital, whose founder Paul Landsman said: “The acquisition of Penntech is the continuation of our strategic journey to create a market leader in IT managed services.
“The business was acquired in a competitive sales process and is a clear indicator of the targeted growth strategy at Dynamic since our backing in October 2023.”
Gareth Leece, managing director of Dynamic Networks, said: “Penntech is a strong strategic fit with Dynamic, strengthening our suite of market-leading software and hardware solutions that help SMEs maximise their benefits from IT solutions.
“We are thrilled to have gained a London presence through this acquisition. We have enjoyed working with Lewis and the overall team in recent months and we look forward to growing alongside the very talented team at Penntech.”
