WTM.L Regulatory News (WTM)

3 Sep 2007 07:01

Waterman Group PLC03 September 2007 WATERMAN GROWTH CONTINUES WITH MECHANICAL AND ELECTRICAL CONSULTANT ACQUISITION Waterman Group plc ("Waterman"), one of the UK's leading multi-disciplinaryengineering and environmental consultancies, is pleased to announce that it hascompleted the acquisition of the entire share capital of Furness Green Limited("Furness Green"), a consultancy providing mechanical and electrical designservices from offices in London, Leeds and Nottingham. This acquisition is partof Waterman's strategy of investing in sectors and regions that will deliverlong term growth. Founded in 1994, Furness Green is an independent mechanical and electricaldesign consultant with major clients throughout the UK and having particularexpertise in sustainability, computer modelling and the design and refurbishmentof theatre, performing arts, educational, residential, leisure and commercialprojects. The company will be integrated with Waterman Building Services and theenhanced management of the combined businesses will provide a platform to driveWaterman's further growth within these buoyant sectors. Waterman Building Services have recently been appointed for a number of majorprojects including the Latitude project (80,000 sq m) in Leeds City Centre forHBG Properties, 8-10 Moorgate, London (11,500 sq m) for Stanhope Plc and NapierPark, the £280m redevelopment of the former Vauxhall car assembly site in Lutonfor Laing O'Rourke. In the year ended 31 March 2007, financial statements of Furness Green report aprofit before tax of £309,626 on a turnover of £2,392,243 and net assets of£399,235. Total consideration for the acquisition comprises the aggregate of: • an initial consideration of £800,000 to be satisfied in cash; and • a deferred consideration up to £200,000 to be satisfied by the issue of new Waterman ordinary shares of 10p; and • a further deferred consideration of £200,000 (subject to adjustment) which will be payable in cash after confirmation of the value of net assets on completion and the recoverability of trade debtors. Nick Taylor, Managing Director of Waterman said: "I am delighted to announce this earnings enhancing acquisition. The synergybetween Furness Green and Waterman brings benefits to both companies and willextend Waterman's client base and range of services. Furness Green's highquality team will assist in developing Waterman's mechanical and electricaldesign consultancy throughout the UK." Following the acquisition of Boreham Consulting Engineers in April, thisannouncement further illustrates the important part that acquisitions, as wellas organic growth, play in Waterman's strategy. The Group is superbly placed,both strategically and financially. -ends- Date: 3 September 2007 For further information contact: Waterman Group plc cityPROFILENick Taylor, Managing Director Simon CourtenayGraham Hiscocks, Finance Director William Attwell020-7928-7888 020-7448-3244 web: www.waterman-group.co.uk This information is provided by RNS The company news service from the London Stock Exchange