Van Elle makes £3.7m swoop for counterpart

Van Elle, the Nottinghamshire-based ground engineering firm, has bought ScrewFast Foundations in a deal worth almost £3.7m.

An initial consideration of £1.76m is payable in cash on completion, with up to a further £1.92m of deferred and performance-based cash consideration payable in August 2023.

All employees, including the entire management team led by managing director Dan Dye, will join Van Elle.

For the twelve months ended 30 May 2020, St Albans-based ScrewFast recorded revenues of £5.9m and a profit before tax of £360,000.

Mark Cutler, chief executive officer at Van Elle, 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. The two businesses have a similar culture and ethos which is very important to us, and we look forward to working with the ScrewFast team as we welcome them into the group.

“We continue to be encouraged by the group’s progress, with expectations for the year unchanged from those set out in January. Whilst we remain cautious, given that the recovery in some of our markets is still at an early stage, we are very confident that the Group is well positioned to benefit from the continued execution of our growth strategy.”