
The stations broadcast as Touch FM and Rugby FM across Warwick, Stratford-upon-Avon, Coventry, Rugby and Tamworth.
Orchard and Pallot have acquired the stations through a new company, Quidem, for which they are chief executive and chairman respectively, for an undisclosed price.
Orchard left GCap Media in January last year. He has 25 years' experience in commercial radio, having launched the national DAB station Planet Rock and being formerly programme director of Classic FM.
Robin Burgess, chief executive of CN Group, said the company believes Quidem is best suited to take Touch forward in the future.