Carillion PLC 49 per cent in Canadian support services £24m (3265T)
December 12 2012 - 2:00AM
UK Regulatory
TIDMCLLN
RNS Number : 3265T
Carillion PLC
12 December 2012
12 December 2012
Carillion acquires 49 per cent interest in Canadian support
services business for some GBP24 million
Integrated support services company, Carillion plc, has acquired
a 49 per cent interest in The Bouchier Group for a consideration of
GBP23.75 million. The consideration will be paid in cash in phased
installments over the period to January 2014, with instalments
adjusted to ensure the acquisition is completed on a debt free,
cash free basis.
Under the acquisition agreement, Carillion has options to
acquire a further 36 per cent interest in The Bouchier Group after
five years and the remaining 15 per cent over six to ten years. The
consideration for acquiring each further interest will be based on
a four-times multiple of The Bouchier Group's prior three-year
historic EBITDA, with the total consideration for the remaining 51
per cent capped at a maximum of GBP43.1 million, also on a debt
free, cash free basis.
The Bouchier Group, which is based in Alberta, Canada, provides
a range of services, including road maintenance, infrastructure
services and facilities management, primarily for customers in the
oil sector. The acquisition complements Carillion's existing
support services activities in Canada and provides access to
substantial new growth markets.
At the transaction date, The Bouchier Group had gross assets of
GBP27.60 million. In the 12 month period to 31 March 2012, The
Bouchier Group had revenue of GBP46.25 million and pre-tax profit
of GBP7.76 million.
The vendors, Mr David Bouchier and Mrs Nicole Bourque-Bouchier,
will remain President and Chief Executive, respectively, of The
Bouchier Group following the acquisition.
Commenting, Carillion Chief Executive, Richard Howson, said:
"Acquiring this interest in The Bouchier Group is an important
strategic step in the development of our support services business
in Canada. The Bouchier Group has a successful track record in
delivering high-quality services to a portfolio of blue chip
customers. Its knowledge and skills complement our own and this
will create significant new opportunities for us to grow our
support services business in Canada through extending our services
offering to new and existing customers".
For more information
John Denning, Director Group Corporate Affairs, Carillion plc +
44 (0) 1902 316426
Finsbury
James Murgatroyd or Gordon Simpson +44 (0) 207 2513801
Notes to Editors
Carillion is a leading support services company with a
substantial portfolio of Public Private Partnership projects and
extensive construction capabilities. The Group had annual revenue
in 2011 of GBP5.1 billion, employs around 45,000 people and
operates across the UK, in the Middle East and Canada.
The Group has four business segments.
Support services - this includes facilities management,
facilities services, energy services, utility services, road
maintenance, rail services and consultancy services.
Public Private Partnership (PPP) projects - this includes our
investing activities in PPP projects in our chosen sectors of
Defence, Health, Education, Transport, Secure and other Government
accommodation.
Middle East construction services - this includes our building
and civil engineering activities in the Middle East.
Construction services (excluding the Middle East) - this
includes building, civil engineering and our development activities
in the UK and our construction activities in Canada.
This and other Carillion news releases can be found at
www.carillionplc.com
Photographs:
High resolution photographs are available free of charge to the
media at www.newscast.co.uk telephone
+ 44 (0) 207 608 1000.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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