Galliford Try acquires specialist contractor in £7m deal
Specialist contractor AVRS Systems has been acquired by Galliford Try for up to £7.0m.
The Cumbria-based company provides mechanical, electrical, instrumentation, control and automation (MEICA) design and build services to the water and energy sectors.
AVRS is 50 years old and employs nearly 100 people, with other sites in Middlesborough and Warwickshire.
Galliford Try expects the acquisition “will accelerate the growth of our asset optimisation and capital maintenance strategy”. The deal sees £4.5m paid in cash.
Bill Hocking, chief executive of Galliford Try, said: “We have said that we will continue to consider bolt-on acquisitions to accelerate our strategy and this acquisition increases our capabilities in the Environment business and bolsters the group’s capital maintenance credentials.
“AVRS brings highly complementary skills into the Group which will further advance our sustainable growth strategy.”
AVRS has long-term frameworks with key water sector clients as well as the Coal Authority and MoD, with operations being very closely aligned to Galliford Try’s existing business.
The company’s most recent accounts, for the year to September 2022, showed a pre-tax profit of £1.3m on revenue of £7.9m.