6th Sep 2013 14:46
LONDON (Alliance News) - HydroDec Group PLC said Friday that it had acquired OSS Group Limited, a lubricant and processed fuel oil company, for GBP4.7 million in cash.
HydroDec said OSS generated revenues of GBP28.5 million in 2012 and normalised earnings before interest, tax, depreciation and amortization of GBP1 million. HydroDec said that the net asset value of the acquired assets is approximately GBP4.5 million.
The purchase is being financed via HydroDec's short-term revolving credit facility. It said it expected the transaction to contribute to its own EBITDA within two months of acquisition.
HydroDec markets and distributes technology for the re-refining of used transformer oil.
It said OSS is the UK's largest collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, processing approximately 60 million litres of used oil in 2012, and that the operation would serve as a platform for its lubricants technology.
HydroDec shares were trading up 1.45% at 8.75 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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