21st Jun 2010 07:00
Interior Services Group plc
("ISG")
Acquisition of Moscow Fit Out company
ISG is pleased to announce that it has acquired Olson Enterprises CJSC ("Olson"), a specialist Fit Out company based in Moscow, Russia.
Olson, established in 1992, delivers high quality fit out and M&E maintenance services primarily to international companies. Olson was formerly a subsidiary of Skanska, the international construction group, before being sold to private investors in 2006.
ISG signed a joint venture agreement with Olson in March 2009 to expand its delivery capability in Eastern Europe and to date has successfully collaborated with Olson on three projects for multinational clients. This heritage and that many of Olson's clients are also clients of ISG are the key reasons behind this acquisition. Olson's turnover in 2009 was £6m and it employs 125 people.
ISG has acquired the entire share capital of Olson for a nominal amount and agreed to invest up to £800,000 (R40m) in working capital to refinance existing vendor loans and to support Olson's future growth.
David Lawther, Chief Executive of ISG, said:
"Acquiring Olson demonstrates ISG's commitment to provide a high quality service to our multinational clients in Moscow, an important and expanding market for them. Olson's considerable experience and knowledge of the local supply chain has already benefited clients and we plan to be able to expand the depth and range of their services."
21 June 2010
Enquiries
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Interior Services Group |
020 7247 1717 |
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David Lawther, Chief Executive |
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Jonathan Houlton, Finance Director |
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College Hill |
020 7457 2020 |
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Matthew Smallwood |
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Adam Aljewicz |
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Numis Securities |
020 7260 1000 |
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Nominated Advisor: Michael Meade / Simon Blank |
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Corporate Broking: Rupert Krefting / Ben Stoop |
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Notes to Editors
ISG is an international provider of construction, fit out and management services, with 27 offices worldwide. The company works with owners, developers and occupiers in the public and private sector for an extensive range of industries. ISG Plc was established in 1989 and has been quoted on AIM since 1998. Today, the company has a turnover of over £1 billion.
ISG's European business has offices in Paris, Geneva, Frankfurt, Milan and Amsterdam and provides commercial office and retail fit out services to its blue-chip international client base across Europe. Its turnover for the year ended 30 June 2009 was £29m.
For more information contact www.isgplc.com
Related Shares:
ISG.L