Acquisition

4 Jul 2006 12:41

Newcourt Group plc04 July 2006 Newcourt Group plc Acquisition 4 July 2006 Newcourt Group plc ("Newcourt") announces that it has acquired Loss ControlServices Limited, a leading risk management specialist, which operates as Nifast("Nifast"), from Coyle Hamilton Willis Limited. Established in 1987, Nifast is the leading health, safety and risk managementspecialist in Ireland. Through its training and consulting services, it offers arange of solutions to help clients improve business results through theintroduction of integrated health, safety and employee wellbeing strategies.Its ethos is centred around helping clients enhance performance by reducinglosses and improving productivity through increased awareness of the businessbenefits of health, safety and employee well-being issues. The Nifast acquisition enhances the range of services offered by Newcourt to itsexisting client base. They complement and expand services currently offered byNewcourt in training, recruitment, facilities management, business processes andsecurity. Nifast services include Occupational Hygiene Services, NoiseMonitoring, Process Safety Management, Construction Safety and Loss Prevention. Nifast, which is based in Dublin and Cork, employs 32 consultants and counts anumber of leading national and international companies amongst its clients.Following completion of this transaction, Seamus Aylward, previously FinanceDirector, will become Chief Operations Officer of Nifast and Hugh O'Neill,Newcourt's Director of Security and Support Services, will become ExecutiveChairman. The consideration for the acquisition comprises an initial payment of €2.5million at completion, together with a further deferred payment of €0.75m after12 months. In the year ended 31st December 2005, Nifast had turnover of €4.45 million andearnings before interest, tax, depreciation and amortisation of €579,000. Netassets at 31st December, 2005 were €1.175m. The acquisition will be fundedthrough Newcourt's existing resources. Commenting upon the acquisition Ted O'Neill, CEO of Newcourt, said: "We are pleased to be able to announce the acquisition of Nifast. This is awell respected business that specialises in the provision of risk managementservices, particularly in the increasingly important areas of health, safety andemployee well-being. Nifast and Newcourt already have a number of clients incommon and we look forward to working with our new colleagues in consolidatingNifast's leading position in this important sector of the Support Servicesmarket and growing the business further." A spokesman for Coyle Hamilton Willis said; "Coyle Hamilton Willis has developed two businesses in this general space overthe past number of years. Going forward our focus will be on building WillisRisk Management as it is more closely aligned to our role as corporate brokers.As a more broadly based business, Nifast's potential will be better realised ina Newcourt support services context." For further information on Newcourt please contact: Newcourt Group plcTed O'Neill, Group Chief Executive Mobile: + 353 86 8214467 Murray ConsultantsMuireann Harrington Tel: + 353 1 4980300 Mobile: + 353 86 383 0932 For further information on Coyle Hamilton Willis please contact: MRPA KinmanRay Gordon Tel: + 353 1 703 8619 Mobile: + 353 87 241 7373 This information is provided by RNS The company news service from the London Stock Exchange