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Van Elle buys ScrewFast Foundations for £3.68m
StockMarketWire.com
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Ground engineering group Van Elle has acquired ScrewFast Foundations for a maximum consideration of £3.68 million and will retain the ScrewFast brand as it positions the business within its specialist piling division.
The company said an initial consideration of £1.76 million is payable in cash on completion, with up to a further £1.92 million of deferred and performance-based cash consideration payable in August 2023.
All ScrewFast employees, including the entire management team led by managing director Dan Dye, will join the group.
Van Elle chief executive Mark Cutler said: 'This is a very exciting, complementary acquisition focussed on our higher margin, specialist piling activities which strengthens our leading position in growth markets such as highways and rail.
'ScrewFast has an established client base and proven track record of highly specialist services and will support the group in the delivery of its medium-term strategic objectives.'
Dye added: 'We have long identified Van Elle as the ideal owner to support our growth potential. ScrewFast is an innovative and specialist business that fits well both culturally and technically into the diverse range of end-to-end services and market prospects offered by Van Elle, who we have worked alongside on several recent projects.'
Van Elle said that the acquisition is expected to be modestly earnings enhancing during the first full-year of operation.
At 9:53am: (LON:VANL) Van Elle Holdings Plc share price was 0p at 45p
Story provided by StockMarketWire.com
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