22 Jul 2008 07:00
22nd July 2008
GSH Group plc
Acquisition of Netherlands based Utilitec
GSH Group plc (AIM: GSH) ('GSH' or 'the Company'), the international provider of bespoke energy and facilities management solutions, today announces the acquisition of Utilitec ('Utilitec'), the Netherlands based mechanical and electrical installation business, for a total cash consideration of €2.35 million.
Utilitec has been acquired for initial net cash consideration of €2 million. Additional cash consideration of up to €350,000 will become payable no later than 31 March 2009 depending on the achievement of certain performance criteria. The total consideration is capped at €2.35 million. In the year ended 31 December 2007 Utilitec had turnover of €6.1 million, pre-tax profits of €0.7 million and net assets of €0.4 million. The Board believes that the acquisition will be earnings enhancing in the first full year following acquisition and provide the opportunity to add further synergies through incremental growth and integration with the existing GSH Netherlands business.
Founded in 2001 and based in Utrecht, Netherlands, Utilitec is a highly regarded total installation integrator, working as a project manager for commercial clients and datacenters. Its specialist technical knowledge will further strengthen the Group's existing project management and installation division and allow GSH to provide integrated solutions to existing and future customers. Current Utilitec customers include a range of blue chip companies such as Cable & Wireless, McDonalds, Versatel Telecom and Prologis. Utilitec will be integrated into GSH's existing Netherlands and European operations.
GSH Group Chief Executive Officer Colin Tennent commented:
"This is another excellent acquisition for GSH. The addition of Utilitec builds on our experience of providing integrated mechanical and electrical solutions and will additionally strengthen our position as a leading provider of all technical facilities management services. GSH is pursuing an aggressive strategy of growth and this acquisition will provide a further platform to increase our self-delivered product offering. I am delighted to welcome all Utilitec employees to GSH."
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For further information, please contact:
GSH Group plc
David Simons, Chief Financial Officer 01782 200455
KBC Peel Hunt Ltd (Nominated Adviser & Broker) 020 7418 8900
Julian Blunt
Daniel Harris
Bell Pottinger Corporate & Financial 020 7861 3232
Nick Lambert/Chris Hamilton 07870 257 276
Notes to Editors:
GSH Group plc
GSH Group is the UK's fastest expanding FM specialist and a leading international player. The Group is dedicated to providing high quality energy and facilities management solutions designed to meet clients' specific needs and objectives.
www.gshgroup.com
GSH.L (GSH)