Acquisition (2267D)
May 14 2012 - 2:00AM
UK Regulatory
TIDMDRV
RNS Number : 2267D
Driver Group plc
14 May 2012
14 May 2012
Driver Group plc
("Driver Group" or the "Company")
Acquisition of Trett Consulting
Driver Group, the global construction consultancy, is pleased to
announce the acquisition of Trett Consulting ("Trett"), a leading
dispute resolution and contractual advice consultancy business from
Grontmij N.V. The total consideration for the acquisition is
GBP3.0m and is being satisfied out of the Company's existing
financial resources.
The acquisition strengthens Driver Group's core capabilities and
is an excellent strategic fit for the Company. Trett has a strong
reputation for the provision of worldwide support in dispute
management and resolution as well as assisting clients in risk
assessment and avoidance of disputes. 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. As well as
increased presence in the UK, Trett provides the Company with
greater presence in the Middle East and allows Driver Group to
expand into Europe (through Trett's office in Holland), the North
American market (through Trett's office in Houston, Texas) and the
rapidly expanding South East Asian market (through offices in
Malaysia and Singapore). Staff levels in Driver Group will now
increase by 75 persons to c. 230.
In the year ended 31 December 2011 Trett achieved turnover of
approximately GBP14.0m, and adjusted EBITDA (before group charges)
of approximately GBP0.1m. As at 30 April 2012, the agreed value of
the assets being acquired were GBP 2.3m including net cash of
GBP0.65m. 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.
The acquisition fits perfectly with Driver Group's stated
strategy of controlled expansion that is both profitable and cash
generative. Trett has established a strong brand within the global
industrial consultancy industry which the Board is certain will
enhance the Driver Group offering further.
Dave Webster, Chief Executive Officer of Driver Group 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."
John Chubb, Managing Director of Grontmij in the UK and Ireland
said; "Following the release of our 'Back on Track' strategy early
this year, the disposal of Trett is an early move in the
restructuring workstream as we focus on our core markets and core
capabilities. I believe that the acquisition of Trett by Driver is
an excellent fit which represents good value to both
companies".
Enquiries:
Driver Group plc
David Webster, Chief Executive Tel: +44 (0) 1706 223999
Damien McDonald, Group
Finance Director
Alan McClue, Non-executive Tel: +44 (0) 7791 546798
Chairman
Charles Stanley Securities
Nominated Adviser & Broker
Marc Milmo / Carl Holmes Tel: +44 (0) 207 149 6000
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQZMGMKMMZGZZZ
Driver (LSE:DRV)
Historical Stock Chart
From Sep 2024 to Oct 2024
Driver (LSE:DRV)
Historical Stock Chart
From Oct 2023 to Oct 2024