Acquisitive group strikes for lightning specialist
Tue 04 Jul 2017
A specialist services provider based in Castleford has acquired a lightning protection and steeplejack company in a deal worth up to £20m.
Premier Technical Services Group (PTSG) will acquire Brooke Edgeley (Industrial Chimneys) Ltd, a lightning and surge protection, specialist earthing, and steeplejack services company based in Manchester.
The acquisition is for an initial consideration of £14m with a deferred sum of £6m to be paid over the next three years in equal instalments.
The Castleford company provides equipment services, electrical testing, high-level cleaning and specialist training solutions
It has also announced its intention raise gross proceeds of £15m through a placing to fund the acquisition and associated costs.
The new acquisition will boost PTSG's presence in Scotland and the West of the UK as well as driving operational efficiencies and opportunities for cross selling new and existing services.
Paul Teasdale, chief executive of PTSG, said: "We are very pleased to welcome BEST, a long established and respected lightning protection and steeplejack business with a significant national presence, to the PTSG group of companies.
"The highly complementary acquisition provides us with significantly increased geographic coverage, scale in installation activities and additional capabilities with an attractive testing and inspection base, all of which will enhance our market leading offering.
"We look forward to working with all the vendors of BEST who will remain in the business following the acquisition."
BEST has offices in Manchester, Kidderminster, Chelmsford and Wishaw, Scotland with about160 engineers and staff.
The business has existing relationships with Balfour Beatty, Engie, Jaguar Landrover, Tesco, John Laing and Interserve and more than 2,200 customers.