Stewart Group sold for £146m to Australian firm
THE STEWART Group, a Merseyside-based metals and minerals inspection business, is to be bought by an Australian group for £146m.
In a statement the Knowsley company, which is backed by private equity firm CBPE Capital, said it was being acquired by ALS Group, the testing services arm of Brisbane-based Campbell Brothers. The deal should complete on July 21.
ALS is one of the world’s largest testing businesses with 8,000 staff across 44 countries.
Its parent, Campbell Brothers, is a former detergents manufacturer listed on the Australian stock exchange. Stewart Group has sales of around £50m and 900 staff working in 26 labs in North America, Africa, Asia and Europe.
In February it bought Canada-based G&T Metallurgical Services (GTMET) for an undisclosed sum to give it a third division – mineralogy and metallurgy – to add to its analysis and geochemical arms. Stewart will be integrated into the minerals division of ALS.
Managing director John Notman-Watt said: “I would like to thank CBPE Capital for their support in the development of Stewart Group over the last five years. The acquisition by ALS is an excellent outcome for Stewart Group and its employees.
“The strategic fit between ALS and Stewart Group will accelerate the development of our combined integrated service proposition enabling us to provide a wider service offering to customers on a global scale and we are all looking forward to the future with ALS.”
Greg Kilmister, Campbell Brothers’ managing director, said: “The acquisition of the Stewart Group will provide ALS with the opportunity to expand our existing geochemical services into new and emerging geographies.
“The metallurgical facilities in Canada will allow us to accelerate the development of a global metallurgical business following the acquisition of Ammtec Limited last year. The inspection and analysis Division creates a new business stream for ALS and will benefit from ALS’ broader global footprint and client relationships.”
The Manchester office of law firm Pinsent Masons advised CBPE on the sale.
