LONDON (Alliance News) - Asset and energy support services company Lakehouse PLC Wednesday said it has struck a deal to acquire PLS Holdings Ltd for up to GBP8.5 million.
Lakehouse said the consideration for PLS, which comprises the Precision Lift Services Ltd business, will comprise GBP5.5 million in cash upfront, with another GBP3.0 million due based on PLS's financial performance through to 2018.
PLS provides lift installation and replacement services, lift servicing and repair services and is based in Essex.
The deal will boost Lakehouse's overall business through creating new cross-selling opportunities and will allow it to provide a more comprehensive set of services to local authority and housing association clients.
"Precision's technical expertise and strong track record will allow us to capitalise on growth opportunities in London and the South East, as well as offering new services to our existing clients throughout the UK. This is another positive step in the group's strategy of acquiring successful businesses and enhancing our strong organic growth," said Stuart Black, Lakehouse's executive chairman.
Lakehouse shares were down 1.3% to 93.75 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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