Acquisition of Promanex Group Holdings Limited (7606M)
2011年8月22日 - 3:01PM
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RNS Number : 7606M
Costain Group PLC
22 August 2011
Costain Group PLC
("Costain" or the "Group" or the "Company")
Acquisition of Promanex Group Holdings Limited ("Promanex")
Costain, one of the UK's leading engineering solutions
providers, is pleased to announce that it has acquired 100 per cent
of the issued share capital of Promanex, an industrial support
services business providing facilities management, installation,
repair and maintenance and general asset management in a number of
high growth, specialist markets such as Power, Petrochemicals and
Nuclear.
The consideration for the acquisition, together with management
retention payments, is GBP16.4 million. In addition, the business
is being acquired with normalised net debt of GBP2.4 million. The
acquisition is being funded from the Group's existing cash
resources.
Based in Warwickshire, Promanex operates across the UK and in
Ireland with a workforce of over 800 highly skilled maintenance
employees. The company's client base consists largely of such major
blue chip customers as Conoco Phillips, EDF, E.ON, Magnox, RWE,
Scottish and Southern Energy, Siemens and Total.
The business provides a range of services in the management,
operation, maintenance and repair of customers' sites and plant
assets, including hard and soft facilities management, water
services, such as water treatment and hygiene, civil and industrial
services, such as civil engineering, specialist industrial cleaning
and outage support, and mechanical & electrical services such
as power station materials handling, bi-product systems and
emission treatment systems. Approximately 75 per cent of Promanex's
revenues are generated from long term contracts and the business
has a robust order book and strong pipeline of opportunities.
For the year ended 30 September 2010, Promanex reported revenue
of GBP56.2 million, EBITDA of GBP2.4 million and operating profit
of GBP1.8m. Gross assets as at 30 September 2010 were GBP20.8
million. The acquisition is expected to be earnings enhancing
(before amortisation and exceptional costs) in the year ending 31
December 2011 and thereafter.
Promanex will be integrated into Costain's Infrastructure
division and the existing management team will remain with the
business to ensure a successful integration and continued growth in
the business. The acquisition represents a further important step
in implementing the 'Choosing Costain' strategy. It broadens the
Group's capabilities in ongoing care and maintenance and
strengthens the Group's presence in key growth target markets,
particularly in Power, Nuclear Process, Hydrocarbons &
Chemicals and Water, where significant investment is required in
order to meet national needs. The combination of Costain's existing
consulting, project delivery and maintenance capability, together
with Promanex's operations and maintenance services, significantly
enhances the Group's ability to offer full lifecycle services to
customers in these target markets.
Commenting on the acquisition, Andrew Wyllie, Chief Executive of
Costain, said:
"We are delighted to have completed the acquisition of Promanex,
which represents a further important step in the implementation of
our strategy of broadening our existing front-end consultancy and
care and maintenance operations in order to meet customers'
requirements. The acquisition will significantly enhance our
existing ability to provide operations and maintenance support
services to our major customers and reinforces Costain's position
as a leading Tier One engineering solutions provider."
Mark R Dixon, Managing Director of Promanex, said:
"We are delighted to be joining Costain. Costain rightly has an
outstanding reputation for applying technological expertise and
innovation to add value to customers. Allied with Promanex's proven
capabilities and market leading position in our core sectors, we
will make a formidable team. Costain has an exciting future and we
are very much looking forward to being a part of it."
22 August 2011
Enquiries:
Costain 01628 842 444
Andrew Wyllie, Chief Executive
Tony Bickerstaff, Finance Director
Graham Read, Communications
Director
Investec 020 7597 5970
Charles Batten
James Rudd
College Hill 020 7457 2020
Mark Garraway
Helen Tarbet
Notes to editors:
Costain (www.costain.com)
Costain is an international engineering solutions group with a
reputation for technical excellence founded on more than 140 years
of experience. The Company's business segments are in
Infrastructure (Highways, Rail, Nuclear and Airports), Environment
(Water, Waste, Marine and Education), Energy & Process
(Hydrocarbons & Chemicals, Nuclear Process and Power) and Land
Development.
The Company is focused on market sectors where it expects there
to be a significant investment driven by national needs.
It has worked on a number of significant infrastructure projects
in the UK, including the St. Pancras railway station and the
Channel Tunnel Rail Link and is currently working on a number of
significant projects including the municipal waste treatment
infrastructure for the Greater Manchester Waste Disposal Authority
and Evaporator D at Sellafield, one of the largest nuclear projects
in the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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