WTM.L Regulatory News (WTM)

12 Dec 2005 07:01

Waterman Group PLC12 December 2005 WATERMAN GROWTH CONTINUES WITH ENVIRONMENTAL ACQUISITION Waterman Group plc ("Waterman"), one of the UK's leading multi-disciplinary engineering and environmental consultancies, is pleased to announce that it has completed the acquisition of the entire share capital of JP Envirosystems Ltd ("JPE"), a consultancy specialising in the environmental management sector, based in Sheffield and London. This acquisition is part of Waterman's strategy of investing in sectors and regions that will deliver long term growth. Founded in 2000, JPE is a leading independent specialist environmental consultant which has established a strong reputation with major clients throughout the UK. Their work includes the development and maintenance of environmental management systems, environmental permitting and professional training. The company will be renamed Waterman Envirosystems Limited and will be merged into the Waterman Environmental business. Simon Handy and Graham Hiscocks will be appointed to the new subsidiary board. In the year ended 31 March 2005, JPE made a profit before tax of £58,000 on a turnover of £277,000. As at 30 November 2005, JPE had net assets of £50,000 subject to adjustment. Total consideration for the acquisition comprises the aggregate of: an initial consideration of £250,000 to be satisfied in cash; and a deferred consideration up to £25,000 to be satisfied by the issue of new Waterman ordinary shares of 10p each subject to the achievement of an agreed performance target; and a deferred consideration up to £50,000 which will be payable in cash subject to confirmation of the value of net assets on completion and the recoverability of trade debtors. The synergy between JPE and Waterman brings benefits to both companies and will extend Waterman's client base and range of services. JPE's high quality team will assist in developing Waterman's environmental consultancy throughout the UK. JPE has strong relationships with a wide range of client's across the UK and is currently working on a number of key appointments which include: Weir Group Plc - Implementation of ISO 14001 Environmental Management Systems for the majority of it's UK companies. Recently this service has been extended to include OHSAS 18001 Occupational Health & Safety Management Systems. Boots Plc - Pollution Prevention Control (PPC) consultancy for the energy centre in Nottingham to achieve licensing under new regulations. The Solvay Group Plc - Provision of the full range of environmental management services under a term consultancy agreement for all facilities across the UK. This has involved environmental permitting, developing management systems and in-house training. EEF - JPE has had a six year relationship with the EEF (formerly the Engineering Employers' Federation) providing a wide range of training services at training centres across the UK. In addition, JPE have provided a range of consultancy packages to EEF members.. Bob Campbell, Managing Director of Waterman said: "I am delighted to announce this acquisition. Waterman Group has a strong commitment to providing a comprehensive consultancy service to its clients throughout the UK. In acquiring JPE we have secured the services of a respected high quality team that will assist in our strategy of expansion in the environmental consultancy market." -ends- Date: 12 December 2005For further information contact: Waterman Group plc cityPROFILEBob Campbell, Managing Director Simon CourtenayGraham Hiscocks, Finance Director 020-7448-3244020-7928-7888web: www.waterman-group.co.uk This information is provided by RNS The company news service from the London Stock Exchange