Firm acquires sprinkler business
PTSG, the West Yorkshire niche specialist services provider, is is to extend its fire safety solutions business through the acquisition UK Sprinklers for £2.5m.
UKS, of Bury, is a specialist in the installation of sprinkler systems. Unaudited revenue of UKS for the year ended 31 January 2017 was £3.5m, delivering a profit before tax of £0.8m. Unaudited net assets at the same date were £0.7m.
The businesses will be integrated into PTSG’s fire solutions business. Mike Charlton and Steven Griffiths of UKS will remain with the group and work with PTSG’s management team to grow and expand the acquired business.
Paul Teasdale, CEO of PTSG, said: “We warmly welcome UKS to the PTSG Group. The business is well established and respected in the UK and their addition to the group expands our service offering in our fire solutions business. We look forward to working with Mike and Steven and their colleagues on growing the business and expanding the Group’s activities in these key areas.”
The acquisition has been agreed with an initial cash payment of £1.3m, two fixed deferred cash payments of £0.1m payable on the first and second anniversaries of completion and a contingent payment of £1.0m payable over three years, subject to the business achieving stretching and escalating milestone profitability targets in each of those periods.
The deferred consideration can be paid in cash or shares at the sole option of PTSG.
Premier Technical Services Group PLC is headquartered in Castleford and employs more than 600 people across 17 UK sites. The firm provides façade access and fall arrest equipment services, lightning protection and electrical testing, high-level cleaning and training solutions.
Operating through four divisions, access & safety, electrical services, high level cleaning and training solutions, the group provides industrial products and services and has a presence in a number of niche markets.
Overall, the company services more than 150,000 buildings across the UK for over 17,000 customers. The company is listed on the LSE AIM.
