10th Apr 2006 07:01
Keller Group PLC10 April 2006 For immediate release Monday, 10 April 2006 Keller Group plc Acquisition of Phi Group Limited Keller Group plc ("Keller" or "the Group"), the international ground engineeringspecialist, announces the acquisition of Phi Group Limited ("Phi"). Phi is a specialist contractor offering slope and excavation retaining wallsystems to the UK construction market. With expected annual sales of around £10mfor the year ended 31 March 2006, Phi is the market leader in crib retainingsystems. The total consideration for Phi comprises an initial amount ofapproximately £5.0m net of cash acquired, with an additional earn-out based onfuture profits. The business will be integrated with Keller's existing earth retaining business,under the leadership of John Wilkinson, Phi's Managing Director. Thecomplementary proprietary systems offered by the two businesses, together withtheir geographic fit, will give the enlarged business wide national coverage, anextensive range of solutions and greater capacity to undertake major contracts. Commenting on the acquisition, Justin Atkinson, Chief Executive of Keller, said: "We expect continuing cost and environmental pressures to drive a growing demandfor earth retention, as an alternative to traditional but more expensivesolutions. "The acquisition of Phi positions Keller as the leading provider of earthretention systems in the UK and will enable us to take full advantage of futureopportunities in this growing sector." For further information, please contact: Keller Group plcJustin Atkinson, Chief Executive 020 7616 7576James Hind, Finance Director Smithfield 020 7360 4900Rupert Trefgarne This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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