Lightning specialist strikes £14m deal
Building services business PTSG has snapped up Manchester lightning specialist Brooke Edgeley for £14m.
Castelford-based PTSG is launching a cash placing to raise £15m to fund the acquisition and associated costs.
Brooke Edgeley (Industrial Chimneys) specialises in lightning protection, and has four offices in Manchester, Kidderminster, Chelmsford and Wishaw.
It employs 160 engineers and support staff and had a turnover of £10.5m, with a pre-tax profit of £2.1m for the year ended April 5, 2017.
The steeplejack company adds to PTSG’s experience in the lightning protection market, increasing geographic coverage across Scotland and the North West, it said.
BEST’s owners, including David Roberts, Colin Clinkard and Ian Savory, plus five other members of the management team, will remain in the business to grow and expand its operations, which will be integrated into PTSG’s Electrical Services Division.
Deferred consideration of £6m is also payable over the next three years in equal instalments.
Paul Teasdale, chief executive of PTSG, said: “We are very pleased to welcome BEST, a long established and respected lightning protection and steeplejack business with a significant national presence, to the PTSG group of companies.
“The highly complementary acquisition provides us with significantly increased geographic coverage, scale in installation activities and additional capabilities with an attractive testing and inspection base, all of which will enhance our market leading offering.
“We look forward to working with all the vendors of BEST who will remain in the business following the acquisition.”
PTSG has undertaken nine acquisitions since its IPO in 2015. Since then it has won TheBusinessDesk.com 2017 Masters award for Fast Growth business in Yorkshire, and reported revenue growth of 52% to £39.2m for the year to December 2016.
It operates safety, training, high level cleaning and electrical services divisions and employs more than 450 people across 16 UK sites, who service more than 150,000 buildings across the UK.
