28th Mar 2006 08:13
Western Selection is pleased to announce the investment of ‚£1.5 million inNorthbridge Industrial Services PLC (Northbridge). Northbridge will form athird strategic investment, alongside Creston plc and Swallowfield plc.Northbridge has today announced a placing of 6,437,500 shares at ‚£1 and itsadmission to AIM. Western Selection has been allotted 1.5 million shares in theplacing and consequently owns 20.3% of Northbridge's undiluted share capital.Northbridge was formed for the purpose of acquiring companies that hire andsell specialist industrial equipment such as generators, load banks, pumps ,aircompressors, heaters and chillers. Northbridge is seeking to acquire specialistniche businesses that have the potential for expansion into completeoutsourcing providers, capable of supplying a non-cyclical customer base.Northbridge's first acquisition is Crestchic Limited, one of the largestspecialist load bank equipment manufacturers in the world; selling and hiringto a national and international customer base.The funds required for Western's investment in Northbridge come from recentdisposals of general portfolio investments and our existing banking facilities.ENDWESTERN SELECTION PLCRelated Shares:
WSE.L