Last checked at 7 Jan 2013 07:00
KELLER GROUP PLC - Acquisition(s)KELLER GROUP PLC - Acquisition(s)
PR Newswire
London, January 4
Keller Group plc ("Keller" or "the Group"), the international groundengineering specialist, announces that the Group has acquired Geo-FoundationsContractors, Inc. ("Geo-Foundations"), a Toronto-based specialist geotechnicalcontractor.
The consideration, paid in cash from the Group's existing facilities, wasC$9.2m (£5.7m), including an estimated C$0.6m (£0.4m) of acquired net debt.
Geo-Foundations principally serves eastern Canada, where it offers design-buildsolutions to the construction and mining industries. It has built a strongengineering reputation and has grown its revenue to around C$20m (£12.4m) in2012. The business specialises in micro-piling, ground anchors, and specialtygrouting services which, whilst well established in the US, are stillrelatively new to the Canadian market. A combination of increasing marketacceptance of these techniques in Canada, along with the introduction of groundimprovement techniques and assistance from Keller's existing US business, isexpected to fuel significant growth over time.
Commenting on the acquisition, Justin Atkinson, Chief Executive of Keller,said:
"Keller has worked in partnership with Geo-Foundations on a number of projectsin recent years, building a relationship of mutual respect. I am confidentthat, together, we are well-positioned to fully exploit the opportunities inthis attractive market.
"This acquisition builds on our strong track record of expanding into highergrowth geographic regions through both organic growth and targetedacquisitions."
For further information, please contact:
Keller Group plc www.keller.co.uk Justin Atkinson, Chief Executive 020 7616 7575 James Hind, Finance Director Finsbury 020 7251 3801 James Leviton/Rowley Hudson Note to EditorsKeller is the world's largest independent ground engineering specialist,providing technically advanced and cost-effective foundation solutions to theconstruction industry. With annual revenue of around £1.3bn, Keller hasapproximately 7,000 staff world-wide.
Keller is the market leader in the US and Australia; it has prime positions inmost established European markets; and a strong profile in many developingmarkets.