TPT Group completes 12th acquisition in New Zealand with Cablenet
Family-owned local investment company TPT Group has made their twelfth acquisition in New Zealand, with nationwide data communications business, Cablenet, set to join the TPT Group.
Cablenet is one of the largest ICT infrastructure companies in New Zealand and will join other significant technology related businesses in the Advanced Group, including Advanced Security, IT Engine and ASG Technologies.
TPT Group CEO Mike Marr says the company is built on a passion for growing a great group of businesses in a way that heroes and harnesses Kiwi talent and innovation.
He says, “This new acquisition is a strategic move that means we can converge our businesses and utilise Cablenet's capabilities for the benefit of all the New Zealand companies in our group. This represents a significant opportunity and a chance to embrace further growth and innovation."
Marr says, “As a New Zealand owned company, we are thrilled to acquire Kiwi businesses that represent the very best of local expertise and ingenuity.
"We are committed to investing in our business and developing our market capability, while supporting and growing New Zealand businesses that share our family values.
“In recent times we've seen many foreign companies acquire New Zealand businesses, so we are delighted to ensure that Cablenet will stay in New Zealand hands where it can make a significant contribution to the New Zealand economy.
Marr continues, “Cablenet has been heavily involved in some of the largest communications and network infrastructure projects in New Zealand.
"Their senior management team remains committed to the belief that the ongoing success of the company is a direct result of the professionalism of the staff and the quality of service the company provides - a sentiment that we at TPT Group wholeheartedly agree with.
Former Cablenet owner Terry Powell says the business has developed a proven ability to complete all types of ICT projects, from time critical nationwide technical rollouts to large scale data, wireless and electrical contracts throughout Aotearoa.
Powell says, “This is an exciting chapter for Cablenet, and we are extremely excited to be joining TPT Group. Our biggest strength is our people, and this acquisition gives a clear pathway forward while maintaining our family values to staff and clients.
Through Advanced Group, TPT Group is developing a converged business, providing services and solutions in electronic security, information technology, exponential technologies and now data communications.
TPT Group has grown since its launch in 1999 through a combination of organic growth and acquisitions, and this continues to apply today.
Cablenet will also be opening a new office in Palmerston North in early 2022 as it prepares for further growth.
Marr says the TPT Group is on a recruitment drive with a number of new roles being advertised. He has also indicated they will be making further acquisition announcements in early 2022.