Acquisition

27 Apr 2006 15:01

Newcourt Group plc27 April 2006 Newcourt Group Plc Acquisition Newcourt Group Plc ("Newcourt") announces that it has acquired BSFM FacilitiesManagement Ltd ("BSFM") from the Bruce Shaw Group for a total consideration of€4.75m of which €4.5m will be paid in cash and €0.25m will be satisfied throughthe issue of 182,282 new ordinary shares in Newcourt Group Plc. BSFM is a leading player in the Irish facilities management market and counts anumber of prominent national and international companies amongst its clients.The BSFM management team has agreed to remain with the business. David O'Brienwill be Chief Executive of Newcourt's facilities management business goingforward and Fergus MacMahon will be Chief Operations Officer. BSFM is Newcourt's fourth acquisition in 2006 and underlines its determinationto broaden and strengthen the support services offering it can make to itsextensive customer base. The board of Newcourt believes that entry into thefacilities management market is a logical extension of the current serviceoffering that Newcourt provides through Federal Security and that there aresignificant opportunities to expand the respective businesses, which arecomplementary in nature. In the year ended 31st December, 2005 BSFM had turnover of €13.7m and profitbefore tax of €290,305. Net assets at 31st December 2005 were €245,616. Application will be made for the new ordinary shares to be admitted to tradingon the IEX market of the Irish Stock Exchange and the AIM market of the LondonStock Exchange. Ted O'Neill, Chief Executive of Newcourt Group, said: "The acquisition of BSFM represents another significant step for Newcourt inpursuance of its strategy of becoming the leading player in the Irish outsourcedand support services market and I look forward to working with our newcolleagues to ensure a smooth transition of the business within the NewcourtGroup and the continued provision of a high level of service to the BSFMcustomer base". For further information: Newcourt Group Plc Ted O'Neill, Chief Executive Mobile: +353 86 8214467 Murray Consultants Joe Murray Tel: + 353 1 4980300 Mobile: + 353 86 2534950 Davy Corporate Finance Ivan Murphy Tel: + 353 1 6796363 27 April, 2006 This information is provided by RNS The company news service from the London Stock Exchange