24th Nov 2005 07:01
GSH Group PLC24 November 2005 GSH Group Plc Acquisition of De Jongh Groep GSH Group plc ("GSH" or the "Company"), the international provider of bespokefacilities management and energy management solutions, today announces theacquisition of the De Jongh Groep ("De Jongh"), a Dutch based installationbusiness. GSH will acquire the three main operating subsidiaries of De Jongh, Van VeldenService B.V., Technische Handelsonderneming J.de Jongh B.V. and J. de JonghInstallatietechniek B.V. for a total cash consideration of Euro 1.1 million. De Jongh was founded in 1984 and currently has 37 employees. In the year to 30September 2005, the last reported financial year for De Jongh, group turnoverwas Euro 4.3 million with pre-tax profit of Euro 28,012. The acquisition willenhance GSH's project work capability in the Dutch market by providing theCompany with an in-house installation and renovation division. This forms a keypart of GSH's strategy to provide a total outsourced facilities managementservice to its blue chip customers. GSH has an existing working partnerrelationship with De Jongh. Joop De Jongh, General Manager of De Jongh Groep, will continue to manage theproject division and will be instrumental in the integration of the business andwill report to Frank Bosch, Managing Director of GSH Continental Europe. Commenting on today's announcement, David Simons, Chief Financial Officer of GSHsaid: "This is our first strategic acquisition since GSH floated earlier this year andwill significantly bolster our growing European business. In addition, GSH willbenefit from the existing working relationships and reputation De Jongh has incomplementary sectors including retail and petro chemicals." For further information, please contact: GSH Group plc Tel: 01782 200455David Simons, Chief Financial Officer Bell Pottinger Corporate & Financial Tel: 020 7861 3232Ann-marie WilkinsonSarah Landgrebe This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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