Silverdell looks global with EDS acquisition
INDUSTRIAL demolition group EDS is to be bought by listed company Silverdell for £15m.
Sheffield-based EDS was established in 1994 and has found success, including winning a coveted Queen’s Award last year, by offering services including asbestos removal, decontamination and land remediation.
Silverdell, a specialist environmental support services group, said it intends to retain EDS’s “key staff”, including managing director Darren Palin. EDS employs more than 100 people.
Barking-based Silverdell described the acquisition as “transformational” and said it would give it more global reach as EDS has operations in Canada and Australia as well as the UK.
EDS serves markets including power generation, chemical, oil and gas, pharmaceutical, petrochemical and fuel industries.
Its revenue last year was £46m with pre-tax profits of £1.36m. Silverdell has placed more than 80m new ordinary shares to raise £8.81m to fund the purchase.
A further £3.6m will be paid for EDS if certain financial targets are hit.
Sean Nutley, chief executive of Silverdell, said: “This acquisition will transform Silverdell into a global specialist environmental support services group. EDS is a highly specialised decommissioning and dismantling provider with genuine global reach and a blue chip customer list which provides repeat work.”
