LONDON (Alliance News) - Waste management company Augean PLC on Thursday said it has acquired specialist industrial services provider Colt Holdings Ltd for an initial GBP9.2 million.
Augean will pay GBP9.2 million upfront, plus another GBP3.8 million based on Colt securing specific contracts through to October 2017 and a further GBP1.0 million on the same proviso through to October 2018.
Colt is based in Hull in north east England and provides a range of industrial services, including specialist tank cleaning and high pressure jetting, hydro abrasive cutting, asbestos removal, waste management and tanker haulage.
The deal will boost Augean's UK industrial services coverage and boost its customer relationships on hazardous waste management.
"We are delighted to announce the acquisition of Colt as we continue to strengthen Augean's position in the UK hazardous waste management market. The acquisition is immediately earnings enhancing and creates synergies with our existing service offering, enabling the Group to address a wider breadth and depth of client needs and adding new top-tier clients," said Augean Chief Executive Stewart Davies.
Augean shares were down 0.5% to 48.00 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.