11th Jun 2019 11:35
(Alliance News) - Engineering firm Avingtrans PLC said Tuesday it has acquired blast and acoustic walls and doors maker Booth Industries Ltd for GBP1.8 million from administrators of Redhall Group PLC.
Avingtrans will buy Booth from Grant Thornton UK LLP who are acting as administrators for AIM-listed Redhall which entered insolvency on Monday.
For the year ended September 2018, Booth - which will join the Process Solutions & Rotating Equipment division at Avingtrans - generated GBP300,000 in pretax profit on revenue of GBP11.7 million.
"This strategic acquisition allows Avingtrans' PSRE division to further expand its offerings and create synergies for its key clients," Avingtrans Chief Executive Officer Steve McQuillan said. "The acquisition of Booth adds to the foundations of the PSRE division and exemplifies our strategy to build shareholder value by bringing together niche businesses, fusing their individual capabilities and complementary activities to achieve critical mass."
Shares in Avingtrans were 0.4% higher at 215.75 pence in London on Tuesday.