Cintas acquired in £23.5m deal
CINTAS Document Management (UK) has been acquired up by AIM-listed Restore in a £23.5m deal.
The business is headquartered in Leeds and has 12 other sites across the country including a base at Agecroft Commerce Park, Salford.
It is the UK records management and scanning division of US-based Cintas Corporation.
In the year to May 31 the business recorded earnings, before inters, tax and amortisation of £200,000 and an operating loss of £400,000 after amortisation of goodwill of £600,000.
Total revenues were £19.7m, of which £12.9m was attributable to records management, £6.4m to scanning services and £400,000 to non-transferring revenues. The net assets at May 31 were £19.2m. London-based Restore said the acquisition was consistent with its strategy of consolidating the UK records management sector.
Chief executive Charles Skinner said: “This acquisition is a major milestone in Restore’s development and represents the most significant consolidation within the UK records management sector since we embarked on our strategy of acquisitive growth four years ago.
“It provides an excellent opportunity for Restore to deploy its operational expertise and expand its presence in records management and scanning, and we are confident that the significant synergies between Restore and CDMUK will ensure an attractive return on invested capital for our shareholders. The board looks forward to the contribution to the group that CDMUK will make and to continued progress in the execution of our strategy.”
