12 Jun 2015 14:27
Premier Technical Services Group PLC
("PTSG")
Acquisition of Pendrich Height Services Limited and NATHS Limited (together "Pendrich")
Expansion of service offering and geographical coverage
Premier Technical Services Group PLC, the niche specialist services provider, is pleased to announce the acquisition of Pendrich Height Services Ltd and NATHS Ltd, specialists in working at height on both conventional and unconventional structures and based in Rosewell near Edinburgh.
PTSG will pay a maximum cash consideration of £1.74m for Pendrich, comprising a nominal initial payment and the balance in deferred payments over three years, subject to the business achieving stretching milestone profitability targets.
Aggregate unaudited sales of Pendrich for the year ended 30 April 2015 were £3.5m delivering an aggregate loss before tax of £0.2m and unaudited net assets were £0.1m.
The current owner will remain with the Group and work to grow and expand the Pendrich business. Pendrich will be integrated within PTSG's Electrical Services Division.
Commenting on the acquisition, Paul Teasdale Group CEO at PTSG said:
"We are delighted to welcome Pendrich as the latest addition to the PTSG Group of companies. This acquisition enables us to extend our service offering to include steeplejack services and further strengthens our offering in the fields of industrial rope access and lightning and surge protection. It also provides a substantial operational footprint in Scotland.
For further information, please contact:
PTSG | +44 (0)1977 668 771 |
Paul Teasdale
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N+1 Singer | +44 (0)207 496 3000 |
Sandy Fraser James White |
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