REG - Galliford Try Hldgs - Acquisition of MCS Control Systems

Galliford Try HoldingsAnnouncement

11/07/2022 07:01

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RNS Number : 9083R  Galliford Try Holdings PLC  11 July 2022

FOR IMMEDIATE RELEASE.

 

 

 11 July 2022

 

 

Galliford Try Holdings plc ("Galliford Try")

 

Acquisition of MCS Controls Systems Limited ("MCS")

 

 

Galliford Try is pleased to announce that it has agreed to acquire MCS
Controls Systems Limited, a leading systems integrator to the industrial and
utilities sectors for a consideration of £1 (the "Acquisition"). MCS is based
in Coventry, West Midlands and has 81 employees.

 

Founded in 1976, MCS is a systems integrator and manufacturer of motor control
centres for a wide range of industrial market sectors, with its main area of
operations being the water and wastewater treatment sector.

 

The 45 year heritage and values of MCS are an excellent fit with Galliford Try
and the Acquisition is consistent with our Sustainable Growth Strategy.

 

The addition of MCS's capabilities is complementary to the operations of
Galliford Try's expanding Environment business. In particular, MCS provides
additional competencies that complement those acquired in October 2021 with
nmcn's water business and Lintott Control Systems and will accelerate the
growth of Galliford Try Environment's asset optimisation and capital
maintenance strategy.

 

For the year ended 31 December 2020, being the last year for which MCS has
published audited results, MCS generated revenue of £10.1 million, incurred a
pre-tax loss of £0.5 million and had net assets of £2.0 million. In addition
to the purchase consideration of £1, Galliford Try expects to fund certain
contractual liabilities incurred prior to the completion date of the
Acquisition to strengthen MCS's balance sheet and provide additional
operational stability.

 

Commenting on the Acquisition, Bill Hocking, Chief Executive of Galliford Try,
said:

 

"I am delighted to welcome the employees, clients and suppliers of MCS to
Galliford Try. This acquisition is an excellent strategic fit with our
enlarged water business, brings highly complementary capabilities into the
Group and advances our Sustainable Growth Strategy."

 

 

For further information please contact:

 

Galliford Try Holdings plc

Bill Hocking, Chief Executive

Andrew Duxbury, Finance Director

Kevin Corbett, General Counsel & Company Secretary

Tel: +44 (0)18 9585 5001

 

 

 

Peel Hunt LLP (Financial Adviser and Corporate Broker)

Harry Nicholas

Miles Cox

Tel: +44 (0)20 7418 8900

 

Tulchan Communications

James Macey White

Tel: +44 (0)20 7353 4200

 

 

 

Note to Editors

 

Galliford Try is a leading UK construction group listed on the London Stock
Exchange.  Operating as Galliford Try and Morrison Construction, the Group
carries out building and infrastructure projects with clients in the public,
private and regulated sectors across the UK.

 

 

END

 

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