Driver Group swoops on rival
LANCASHIRE’S Driver Group is spending £3m on the acquisition of a dispute resolution consultancy, a move that will add around £14m to its annual turnover and boost its international footprint and market penetration.
It is buying Trett Consulting from Dutch company Grontmij N.V. The deal is being financed from existing financial resources.
Driver said the deal boosts its core capabilities and is an “excellent strategic fit” for the Company.
The Rossendale company added that it would also open up several new markets and territories as well.
“The acquisition enhances Driver Group’s offering by not only bringing to the Company an experienced and high quality team of individuals that complement the Company’s existing skill sets and expertise but also by providing Driver Group with access to a wide range of end markets (including marine and shipbuilding, petrochemicals and nuclear engineering) and greater geographical penetration.”
Trett’s 75 employees are spead across the UK, Holland, Texas, Malaysia and Singapore.
In the year ended 31 December 2011 Trett achieved turnover of approximately £14m, and adjusted EBITDA (before group charges) of approximately £0.1m.
As at 30 April 2012, the agreed value of the assets being acquired were £ 2.3m including net cash of £0.65m. Given the complementary nature of the two businesses the acquisition provides Driver Group with synergistic benefits and is expected to be earnings enhancing for the Company in the first full financial year.
Driver chied executive Dave Webster said: “This acquisition provides a global platform for the full service offering of the group plus opportunities to leverage our Project Services business – that Trett does not currently provide, across a world market and a broader sector and client base.
“The combined strength of two of the strongest brands in the dispute and advisory market will ensure both Trett and Driver clients receive unparalleled expertise and advice.
“As our businesses and culture are very similar the integration process should be reasonably straight forward and I am looking forward to working with Trett’s people in what for them is a return to an environment in which they belong.”
