4Front buys London training company
Seller to concentrate on high-end business
4Front Technologies has secured a foothold in the technical training market through the acquisition of central London-based Penagen Training for $335,000 cash. Twelve staff, including Samantha Kinstrey, Penagen Training MD, will make the move over to 4Front. The new owner anticipates that Penagen will turnover at least $2 million in the first year following the acquisition, which will be accretive to calendar earnings in calendar 1999. Former parent company Penagen Group sold the training business because it had “created something bigger than we expected,” group MD Pat Kinstrey said. Under 4Front ownership, the training company would gain access to a much bigger customer base, he said Penagen will re-invest the money raised from the sale into Mycroft, a high-end networking consultancy JV with a US company of the same name. The sale of the training business will enable Penagen to get closer to Mycroft, according to Kinstrey. Employing almost 100 staff, Penagen also supplies IT infrastructure services to London’s Medialand, and numbers several ad agencies amongst its clients.®
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