(Sharecast News) - Galliford Try has agreed to buy Coventry-based MCS Controls Systems, a systems integrator to the industrial and utilities sectors, for £1.
Founded in 1976, MCS is a systems integrator and manufacturer of motor control centres for a wide range of industrial market sectors, with its main area of operations being the water and wastewater treatment sector.
Galliford said the business, which employs 81 people, is an "excellent fit" and that the addition of MCS's capabilities is complementary to the operations of its expanding Environment business. In particular, MCS provides additional competencies that complement those acquired in October 2021 with nmcn's water business and Lintott Control Systems.
For the year ended 31 December 2020 - the last year for which MCS has published audited results - it generated revenue of £10.1m, incurred a pre-tax loss of £0.5m and had net assets of £2.0m.
In addition to the purchase consideration of £1, Galliford expects to fund certain contractual liabilities incurred prior to the completion date of the acquisition to strengthen MCS's balance sheet and provide additional operational stability.
Chief executive Bill Hocking said: "I am delighted to welcome the employees, clients and suppliers of MCS to Galliford Try."
Galliford Try (GFRD)