Premier Technical Services Group acquires UK Sprinklers
StockMarketWire.com - Premier Technical Services Group extended its fire safety solutions business to encompass the installation and maintenance of sprinkler systems through the acquisition UK Sprinklers.
Based in Bury, UKS is a specialist in the installation of sprinkler systems.
It has been acquired for a total consideration of up to £2.5m, comprising an initial cash payment of £1.3m, two fixed deferred cash payments of £0.1m payable on the first and second anniversaries of completion and a contingent payment of £1.0m payable over three years, subject to the business achieving stretching and escalating milestone profitability targets in each of those periods.
The deferred consideration can be paid in cash or shares at the sole option of PTSG.
Unaudited revenue of UKS for the year ended 31 January 2017 was £3.5m, delivering a profit before tax of £0.8m. Unaudited net assets at the same date were £0.7m.
The businesses will be integrated into PTSG's Fire Solutions business.
Mike Charlton and Steven Griffiths of UKS will remain with the group and work with PTSG's management team to grow and expand the acquired business.
CEO Paul Teasdale said: "We warmly welcome UKS to the PTSG Group.
"The business is well established and respected in the UK and their addition to the Group expands our service offering in our Fire Solutions business.
"We look forward to working with Mike and Steven and their colleagues on growing the business and expanding the Group's activities in these key areas."
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