Acquisition

23 Mar 2007 11:25

GSH Group PLC23 March 2007 23 March 2007 GSH Group plc Acquisition Secures Air Conditioning Strength for GSH Group GSH Group plc (AIM: GSH), ("GSH" or "the Group"), the international provider ofbespoke facilities management and energy management solutions, today announcesthe acquisition of Delta Environmental Services Ltd ("Delta") for a total cashconsideration of £4.8m in a deal which will further strengthen the Group'sexisting specialist air conditioning offering in the marketplace. In the year ended 31 October 2006 Delta had a turnover of £8.2m, pre-tax profitsof £0.8m and net assets of £1.7m. The Board believes that the acquisition willbe earnings enhancing in the first full year following acquisition and providethe opportunity to add further synergies through incremental growth andintegration with the existing GSH businesses. GSH Group Chief Executive Colin Tennent said: "This is an exciting move for ourbusiness and it will strengthen our position as a leading provider of alltechnical facilities management services. GSH is pursuing an aggressive strategyof growth and this acquisition will provide an additional platform to increaseour self-delivered product offering." Founded in 1984, Delta is a UK business that designs, procures, installs,commissions and maintains air conditioning, heating, ventilation andrefrigeration systems. Its maintenance service teams operate across the UK,providing national coverage. Delta employs approximately 50 staff, includingwell-trained engineers providing a wide range of capabilities. It is wellregarded for its technical capabilities and has a strong reputation for customerservices with long-term clients. Customers include major UK retailers such asStarbucks, Boots, Clarks and Karen Millen. A growing maintenance base providesrecurring revenues and new installation work. Colin Tennent added: "This purchase is an ideal fit with our business, not onlyin terms of business proposition but also in terms of our culture of excellentservice, delivered by skilled and committed engineers. Delta is a well-organisedcompany which will benefit from the large infrastructure that GSH can offer." ends For further information, please contact: GSH Group plcDavid Simons, Chief Financial Officer 01782 200455Gillian Hart, Group Communications 01782 408808 Bell Pottinger Corporate & Financial 020 7861 3232Ann-marie WilkinsonAngus Prentice Notes to Editors: GSH Group plc GSH Group provides unrivalled technology driven facilities and energy managementsolutions in the UK and Eire, Continental Europe and the USA. The Group leadsthe mechanical and electrical facilities management sector in terms of technicalinnovation, energy conservation and environmental monitoring and reportinginitiatives. www.gshgroup.com This information is provided by RNS The company news service from the London Stock Exchange