Styles & Wood swoops for Kent company in £4m deal
MANCHESTER-based property services company Styles & Wood has acquired Kent mechanical, electrical and environmental consultancy GDM Group for £4m.
Styles & Wood said the deal Acquisition was line with its strategic focus on diversifying its service offering across key sectors, enhancing the group’s service line capabilities in engineering and professional services.
The company said the deal, from the group’s existing financial resources, provided new opportunities to broaden work streams to both existing and new customers and was expected to be earnings enhancing in the 2017 financial year.
In the unaudited financial year ended April 30 2016, GDM delivered revenues of £7.9m and underlying pre-tax profits of £1m. Net assets stood at £0.6m.
GDM’s 50 employees will remain within the group, Styles & Wood said.
Styles & Wood chief executive Tony Lenehan said: “We are delighted to announce the acquisition of GDM.
“There is a clear trend in the market towards multidisciplinary service provision for blue-chip clients, and this acquisition builds upon the strength of both businesses, as experts in project delivery in live environments.
“Styles & Wood has a proven diversification strategy which has enhanced our client relationships across our focus sectors.
“The acquisition of GDM further reinforces our strategic vision and will enable us to widen our service offering to both existing and new customers, and create new sustainable business opportunities for the group as a whole.”
EY provided financial due diligence for Style & Wood led by Richard Harding and John Williams.
