REG - Premier Technical - Acquisitions <Origin Href="QuoteRef">GBGP.L</Origin> <Origin Href="QuoteRef">PTSG.L</Origin>

GBAnnouncement

01/12/2015 07:11

RNS Number : 4633H
Premier Technical Services Grp PLC
01 December 2015
1 December 2015
Premier Technical Services Group PLC
("PTSG" or the "Group")
Acquisition of Access Contracting Limited and Lightning Protection Testing Limited
PTSG, the niche specialist services provider, is pleased to announce that on 30 November 2015 it completed the acquisition of two businesses, as explained further below.
Access Contracting Limited ("Access Contracting")
Access Contracting, a specialist in the maintenance, inspection, testing, repair and installation of permanent faade access equipment and fall arrest systems, based in Sheffield, was acquired for a maximum cash consideration of 1.3m, comprising an initial payment of 1.0m and a maximum of 0.3m in deferred payments over three years.
Unaudited revenue of Access Contracting for the year ended 31 March 2015 was 1.4m, delivering an aggregate profit before tax of 0.3m and unaudited net assets were 0.5m.
PTSG inherited the cash balances of Access Contracting at completion, totalling circa 0.3m.
Lightning Protection Testing Limited ("LPT")
PTSG acquired LPT, a tester, repairer and maintainer of lightning protection and earthing systems, also based in Sheffield, for a total consideration of 0.3m, payable in cash on completion.
Unaudited revenue of LPT for the year ended 31 December 2014 was 0.2m, producing a profit before tax of 0.1m and unaudited net assets were 0.1m.
Access Contracting will be integrated within PTSG's Access and Safety Division and LPT into PTSG's Electrical Services Division. Nick Hayes, a joint-vendor of both Access and LPT, will remain with the Group and work with PTSG's management team to grow and expand the acquired businesses. A large percentage of both businesses' work is recurring compliance testing and maintenance work. This very much complements and fits with the existing market leading PTSG model.
Paul Teasdale, CEO of PTSG, said:
"We warmly welcome Access Contracting and LPT to the PTSG Group. Both businesses are well established and respected in the UK and their addition to the Group will further increase our market share in their respective specialisms. We have always considered Access Contracting to be an excellent business with a first class team of people. We look forward to working with Nick Hayes and his colleagues on growing the business and expanding the Group's activities in these key areas."
For further information, please contact:
PTSG
+44 (0)1977 668 771
Paul Teasdale, Chief Executive Officer
N+1 Singer
+44 (0)207 496 3000
Sandy Fraser
James White
Hudson Sandler
+44 (0)207 796 4133
Cat Valentine
Katie Matthews
About PTSG -www.ptsg.co.uk
PTSG is the UK's leading provider of faade 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 300 people across 13 UK sites, who service more than 100,000 buildings across the whole of the UK for over 10,000 customers in a wide range of industries.

This information is provided by RNS
The company news service from the London Stock Exchange
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