(Alliance News) - Industrial-focused investor CEPS PLC said Wednesday it has acquired Cook Brown businesses for GBP3.5 million in cash, loan notes and shares.
Bath-based CEPS will acquire building control services provider Cook Brown Building Control Ltd and energy consultancy services provider Cook Brown Energy Ltd.
The payment comprises GBP1.9 million in cash, GBP760,000 of 5% fixed rate loan notes over the next years, and GBP875,000 in 8% fixed rate loan notes payable in years four to six following completion.
In addition, sellers James Cook and Matthew Brown will be issued GBP25,000 of shares in Hickton Group Ltd, a holding company formed by CEPS to own all of its building service firms.
CEPS will fund the acquisition through existing cash resources and a new GBP2.0 million term loan bank facility.
Shares in CEPS were untraded on Wednesday, last quoted at 32.50 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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