Last checked at 11 Jun 2019 07:00
11 June 2019
Avingtrans
("Avingtrans" or the "Company")
Avingtrans acquires Booth Industries
Avingtrans PLC (AIM: AVG), which designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy and medical sectors, is pleased to announce the acquisition of the trade and certain assets of Booth Industries Limited ("Booth"), a leading UK engineering company, for total consideration of £1.8 million (the "Acquisition").
Booth, based in Bolton, has a total of 90 employees and focuses on the design and manufacture of blast doors and prefabricated fire and blast wall systems, fire doors (integrity and insulated) for both off and on-shore applications, radiation shielding doors, acoustic doors, security doors, multi-performance and large bespoke doors. Booth's products are sold into a range of markets including offshore oil and gas, marine, rail and infrastructure, tunnels and mining, security and counter terrorism, aviation, nuclear, commercial and industrial, spares, maintenance and repairs.
The Company has acquired Booth from Christopher Petts and Sarah O'Toole of Grant Thornton UK LLP, acting for AIM-quoted Redhall Group plc, which was placed into administration on 10 June 2019. The total consideration of £1.8 million is to be satisfied in cash, funded from the Company's existing resources. In the year to 30 September 2018, Booth recorded revenues of approximately £11.7m and profit before tax of approximately £0.3m. Acquired net assets totalled approximately £2.5m as at the transaction date, excluding Booth's existing cash and the company's debtor book.
It is intended that Booth will be integrated within the Company's Process Solutions and Rotating Equipment (PSRE) division, bringing new expertise to the enlarged business.
Steve McQuillan, CEO of Avingtrans, commented: "This strategic acquisition allows Avingtrans' PSRE division to further expand its offerings and create synergies for its key clients. The acquisition of Booth adds to the foundations of the PSRE division and exemplifies our strategy to build shareholder value by bringing together niche businesses, fusing their individual capabilities and complementary activities to achieve critical mass."
Austen Adams, Managing Director of the PSRE Division, commented: "The nature of the Booth business is akin to existing businesses in the division. Some of Booth's key customers overlap with those of Metalcraft and Peter Brotherhood, which affords PSRE the opportunity to expand its offerings to these accounts. We are confident about restoring Booth to clear leadership in its chosen market niche."
ENDS
Enquiries:
Avingtrans plc Steve McQuillan, CEO Stephen King, CFO
| 0135 469 2391 |
N+1 Singer (Nomad and Broker) Shaun Dobson/Lauren Kettle (Corporate Finance) Mia Gardner/Rachel Hayes (Corporate Broking)
| 020 7496 3000 |
Newgate Communications (Financial PR)Adam Lloyd Tom Carnegie | 020 7653 9850 |
About Avingtrans
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
Business units
Hayward Tyler - Luton & East Kilbride, UK and USA, China and India Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments.
Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China |
Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems.
Maloney Metalcraft Ltd - Aldridge, UK |
Designs, manufactures and services oil and gas extraction and processing equipment, including process plant for dehydration, sweetening, drying and compression.
Ormandy Group, Bradford, UK Design, manufacturers and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products
Peter Brotherhood - Peterborough, UK Specialises in the design, manufacture and servicing of performance-critical steam turbines, turbo gen-sets, compressors, gear boxes and combined heat and power systems.
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Composite Products Ltd - Buckingham, UK Centre for composite technology, parts and assemblies, serving customers in industrial markets.
Scientific Magnetics - Abingdon, UK Designs and manufactures superconducting magnet systems and associated cryogenic systems for a variety of markets including MRI and provides service and support for Nuclear Magnetic Resonance instruments.
Tecmag Inc, Houston, USA Designs, manufactures, tests and installs instrumentation, including full consoles, system upgrades, and solid-state probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems.
Crown International Ltd - Portishead, UK Designs and manufactures market-leading pole and support systems for roadside signage and safety cameras, rail track signalling and gantries. |