Last checked at 7 Oct 2014 07:00
DIPLOMA PLC
12 CHARTERHOUSE SQUARE, LONDON EC1M 6AX
TELEPHONE: +44 (0)20 7549 5700
FACSIMILE: +44 (0)20 7549 5715
FOR IMMEDIATE RELEASE
7 October 2014
DIPLOMA PLC ACQUIRES 80% OF TECHNOPATH DISTRIBUTION
Diploma PLC, the international group of businesses supplying specialised technical products and services, is pleased to announce the acquisition of 80% of Technopath (Distribution) ("TPD"). Put and call options have been included in the transaction to allow Diploma to acquire the outstanding 20% of shares over a period of up to 5 years.
TPD is an established supplier of products to the Biotechnology, Clinical Laboratory and Medical markets in Ireland and the UK. The company employs ca. 40 staff at its principal location in Ballina, County Tipperary in Ireland. TPD's revenues in the year ended 31 August 2014 were ca. £12m (€14.6m).
This acquisition represents an important first step in extending the scope of the Group's Healthcare businesses into the markets of Ireland and the UK, as well as adding important new products and suppliers.
The Board expects this acquisition to be immediately earnings enhancing for the Group.
Bruce Thompson, Chief Executive of Diploma PLC said:
"This acquisition is a continuation of Diploma's value disciplined growth strategy. It extends the scope of the Group's Healthcare businesses into the markets of Ireland and the UK, as well as adding important new products and suppliers. It is a good fit with our existing Canadian and Australian Healthcare businesses and opens up further growth opportunities."
For further enquiries please contact:
Diploma PLC - | +44 (0)20 7549 5700 | |
Bruce Thompson, Chief Executive Officer | ||
Nigel Lingwood, Group Finance Director | ||
Tulchan Communications - | +44 (0)20 7353 4200 | |
David Allchurch | ||
Martin Robinson | ||
NOTE TO EDITORS:
Diploma PLC is an international group of businesses supplying specialised technical products and services to the Life Sciences, Seals and Controls industries.
Diploma's businesses are focussed on supplying essential products and services which are funded by the customers' operating rather than their capital budgets, providing recurring income and stable revenue growth.
Our businesses then design their individual business models to closely meet the requirements of their customers, offering a blend of high quality customer service, deep technical support and value adding activities. By supplying essential solutions, not just products, we build strong long term relationships with our customers and suppliers, which support attractive and sustainable margins.
Finally we encourage an entrepreneurial culture in our businesses through our decentralised management structure. We want our managers to feel that they have the freedom to run their own businesses, while being able to draw on the support and resources of a larger group. These essential values ensure that decisions are made close to the customer and that the businesses are agile and responsive to changes in the market and the competitive environment.
The Group employs ca. 1,300 employees and its principal operating businesses are located in the UK, Germany, US, Canada and Australia.
Over the last five years, the Group has grown adjusted earnings per share at an average of 17% p.a. through a combination of organic growth and acquisitions. Diploma is a member of the FTSE 250 with a market capitalisation of ca. £800m.