1st Jul 2019 11:48
(Alliance News) - Engineering & agriculture services firm Carr's Group PLC said Monday it acquired nuclear services firm NW Pump & Valve Ltd for up to GBP9.6 million in cash.
Carr's acquired NW Pump & Valve - which is the holding firm of NW Total Engineered Solutions Ltd - for an initial GBP6.0 million. A further GBP3.6 million is payable over the following three years dependant on achieving financial targets.
The initial consideration will be funded through an additional GBP6.0 million term facility. Any further payments will be self-financed by Carr's, it said.
For the financial year that ended March, NW Pump & Valve generated GBP1.5 million in pretax profit on revenue of GBP9.1 million.
For the year that ended September 2018, Carr's itself generated GBP15.5 million in pretax profit on revenue of GBP403.2 million.
"I am delighted to announce the acquisition of NW Total, which significantly expands our expertise and capabilities in engineering across multiple sectors," Carr's Chief Executive Officer Tim Davies said. "NW Total has built an excellent reputation for providing industry leading engineering services to important customers within the nuclear defence, decommissioning and adjacent markets."
"The acquisition provides significant opportunity for us to cross-sell our existing services and for NW Total to partner with other businesses within our Engineering division, as it fulfils its potential and capitalises on the significant opportunities in its markets," Davies added.
Carr's shares were down 1.3% in London on Monday at 155.04 pence.
Related Shares:
Carrs Group