Another acquisition for Augean

AUGEAN, the Wetherby-based hazardous waste specialist, has made its second acquisition in as many months further boosting its market position.

The firm today announced the take over of Hitech Equipment (Hitech) for a cash consideration of £5.9m.

The acquisition includes the freehold of Hitech's Paisley hazardous waste and recycling site for an additional £0.35m and Hitech's specialist industrial services operation in Ellesmere Port.

Augean said that the acquisition further broadened its services, geographical reach and client base and provided the company with access to new markets.

Hitech will be integrated into Augean's Treatment Division and will benefit from cross-selling into some of Augean's existing customers.

In the year ending May 31 2007, Hitech generated revenue of £4m and profit before tax of £0.5m. The acquisition is expected to be immediately enhance Augean's earnings.

Paul Blackler, Augean's newly appointed chief executive said:

"The business introduces an experienced and ambitious management team which will support the delivery of the development plan.

"The acquisition is further demonstration of Augean's strategy to become the leading provider of hazardous waste solutions in the emerging UK market."

In November Augean announced it had bought RNS Investments and its trading subsidiary Chemical Recoveries for £5.8m.

The company hit the headlines earlier this month when it announced it had parted with its second chief executive in just over a year.

Peter Worlledge held the position for just nine months before being succeeded by Mr Blackler.