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React acquires commercial cleaning group Fidelis Contract Services
StockMarketWire.com
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Specialist cleaning company React said it had acquired commercial cleaner Fidelis Contract Services for up to £4.75 million.
Birmingham-headquartered Fidelis provided services to customers across England and Wales.
'This maiden acquisition, which is expected to be immediately earnings enhancing, represents an important step in the Company's stated growth strategy,' React said.
The acquisition included an initial payment of £1.70 million, including £1.50 million cash and £0.20 million in React shares.
Deferred consideration payments of up to £3.05 million were subject to Fidelis's performance in the 2021 and 2022 financial years.
Story provided by StockMarketWire.com
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