5 Jul 2018 07:00
5 July 2018
Premier Technical Services Group PLC
("PTSG" or the "Group")
Acquisition of M & P Fire Protection Limited ("M&P")
PTSG, the niche specialist services provider, is pleased to announce that it has extended its Fire Solutions business through the acquisition M&P Fire Protection Ltd. Based in Maidstone, M&P is a specialist in the installation and maintenance of sprinkler, dry and wet riser systems. It has been acquired for a total consideration of up to £3.5m, comprising an initial cash payment of £1.0m, deferred cash payments of £2.5m payable over five years, subject to the business achieving stretching and escalating milestone profitability targets in each of those periods. The deferred consideration can be paid in cash or shares at the sole option of PTSG.
Unaudited revenue of M&P for the year ended 31 March 2017 was £2.1m, delivering a profit before tax of £0.2m. Unaudited net assets at the same date were £0.2m.
The business will be integrated into PTSG's Fire Solutions business. Paul Atkins and Michael Thackray of M&P will remain with the Group and work with PTSG's management team to grow and expand the acquired business.
Paul Teasdale, CEO of PTSG, said:
"We are delighted to welcome M&P as our latest addition to the Group. The business is well established and respected in the UK, their addition to the Group extends our service offering in Fire Solutions, particularly in London and the South East and complement our existing extensive offering as the UK's largest niche specialist service provider. We look forward to working with Paul and Michael and their colleagues to grow the business and expand the Group's activities in these key areas."
For further information, please contact:
PTSG | +44 (0)1977 668 771 |
Paul Teasdale, Chief Executive Officer
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Numis | +44 (0)20 7260 1000 |
Stuart Skinner Kevin Cruickshank Michael Burke
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Hudson Sandler | +44 (0)207 796 4133 |
Charlie Jack |
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About PTSG - www.ptsg.co.uk
Premier Technical Services Group PLC is the UK's leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, high-level cleaning and training solutions.
Operating through four divisions, Access & Safety, Electrical Services, High Level Cleaning and Training Solutions, the Group provides highly-engineered industrial products and quality services and has a substantial presence in a number of niche markets.
PTSG provides a central information service for its businesses and champions the dissemination of key information and best practice. PTSG unites its constituent businesses under one clear identity, which supports smarter working and delivers top class service to its customers.
Headquartered in Castleford, West Yorkshire, the Group employs more than 600 people across 17 UK sites, who service more than 150,000 buildings across the whole of the UK for over 17,000 customers in a wide range of industries. The Company is listed on the LSE AIM (PTSG.L)