Altium advises listed business on £14m acquisition

INVESTMENT bank Altium has advised AIM-listed waste management business  Augean on its £13.95m acquisition of Colt Holdings and its wholly owned subsidiary Colt Industrial Services.

The latest deal represents Altium’s 24th in the energy waste and renewables sector.

It is for an initial cash consideration of £9.2m,  with a further consideration of up to £3.75m payable by October 2017, along with further consideration of up to £1m, payable by October 2018, subject to Colt securing specific additional contracts in the coming months.

Based in Hull and with a site in Rochdale, Colt has an annual turnover of around £7.1m.

It provides a range of industrial services, which complement Augean’s existing service offering, to a range of customers including major industrial companies, oil refineries, rail and utilities.

The acquisition of Colt enhances Augean’s offering with UK-wide coverage of specialist industrial services that complement and expand its existing service, treatment and disposal infrastructure; relationships with top-tier companies that have a requirement for hazardous waste disposal; and expertise in industrial cleaning, such as tank and heat exchanger cleaning.

The team at Altium was led by managing director, Adrian Reed with support from Paul Lines, Tom Battersby and Matt Furness.

Reed said: “The acquisition of Colt complements Augean’s already significant waste treatment and disposal infrastructure and growing capacity for delivering client site industrial services.”

Dr Stewart Davies, chief executive at Augean, added: “The acquisition is immediately earnings enhancing and creates synergies with our existing service offering, enabling the group to address a wider breadth and depth of client needs and adding new top-tier clients. It also accelerates our strategy to grow shareholder value by developing sustainable market positions and providing customers with innovative solutions.”

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