Castleford’s PTSG expands electrical division with £1m acquisition
Wed 18 Jan 2017
PTSG, the Castleford-based niche specialist services provider, has acquired Nimbus, a designer, installer and maintainer of lightning protection and earthing systems based in Nottingham.
The firm completed the acquisition on 13th January 2017 for a total consideration of £1m, payable in cash on completion.
The unaudited revenue of Nimbus for the year ending 31st December 2015 was £1.4m, producing a pre-tax profit of £300k.
The unaudited net assets at 31st December 2015 were £300k. PTSG inherited the cash balances of Nimbus at completion, totalling around £100k.
Directors Darren Stapleton and Lisa Mucznik will continue in their current roles to expand its operations, which will be integrated into PTSG’s Electrical Services Division.
The remaining previous owners of Nimbus are retiring.
Paul Teasdale, CEO of PTSG, said:
“We are very pleased to welcome Nimbus, a long established and respected lightning protection business with a significant presence in the Midlands, to the PTSG Group of companies.
“The acquisition provides additional capabilities to the Group, including an attractive testing and inspection base, as well as its installation activities from which PTSG will continue to enhance its market leading offering.“