Hydro International PLC Conditional agreement to acquire Hydro-Logic (3696Q)
February 29 2016 - 2:00AM
UK Regulatory
TIDMHYD
RNS Number : 3696Q
Hydro International PLC
29 February 2016
29 February 2016
Hydro International plc
("Hydro" or the "Group")
Conditional agreement to acquire Hydro-Logic
Hydro International (AIM: HYD), a leading provider of
environmentally sustainable and innovative solutions to water
management challenges the world over, is pleased to announce that
it has entered into conditional agreements to acquire Hydro-Logic
Limited and the business of Hydro-Logic Services LLP (collectively
Hydro-Logic).
Hydro-Logic was founded in 1985 by the current Managing
Director, Rod Hawnt. Its products provide instrumentation and
information systems for water environment monitoring applications,
including data logging, telemetry and software. Hydro-Logic's
services provides specialist hydrological and water resource
management consultancy, using Hydro-Logic devices to collect and
analyse real-world data and apply the findings to support planning
decisions, optimise hydraulic and network design, increase water
system efficiencies and reduce flood and pollution risk. Rod Hawnt
and Colin Fenn, the Managing Director of Hydro-Logic Services, are
staying with the business post the acquisition by Hydro
International.
Hydro-Logic Limited will be acquired for an initial nominal sum
plus the assumption of debt of GBP429,000, plus an additional
deferred consideration of 11.5% of sales incorporating the acquired
intellectual property across the first three years. This additional
consideration is capped at GBP2.0 million.
The business of Hydro-Logic Services LLP will be acquired for an
initial amount of GBP916,000, plus an additional deferred
consideration calculated on the profitability of the business
across the first three years. This additional consideration is
capped at GBP2.0 million.
The Hydro-Logic businesses generated GBP3.6m in revenues for the
year ended 31 May 2015. The acquisitions are expected to complete
on 8(th) March 2016, and will be funded from existing cash and
additional debt facilities.
Michael Jennings, Chief Executive of Hydro International plc
said:
"This acquisition is an important strategic step in extending
our core capabilities. Hydro-Logic's technology, expertise and
experience will broaden and deepen many aspects of our business.
The new products and services that we can offer will give
unprecedented insight into the design, installation and operation
of water management products, saving money for customers, reducing
risk and helping them to protect the environment."
For further information please contact:
Hydro International Arden Partners Brunswick Group
plc plc LLP
Tel.+44 (0)1275 Tel. +44 (0)20 Tel: +44 (0)20
878371 7614 5900 7404 5959
Michael Jennings, Steve Douglas Gill Ackers
CEO
Tony Hollox, CFO Patrick Caulfield Will Rowberry
About Hydro International
Hydro International plc (AIM: HYD) (Hydro) is a global supplier
of environmentally sustainable products and innovative solutions
for the control and treatment of stormwater, wastewater and
combined sewer overflows. Hydro's products use a range of advanced
technologies including award-winning advanced vortex technology.
Headquartered in Clevedon, North Somerset, Hydro also operates in
the UK from offices in Ely, Cambridgeshire, as well as across the
US from bases in Portland, Maine and Hillsboro, Oregon. The Group
has a growing presence outside its core UK and North American
markets in territories including: Ireland, the Middle East, Mexico,
Brazil, Russia, the European Union, China, Malaysia, Singapore,
Korea, Australia and New Zealand.
Please visit the website for further information
www.hydro-int.com
This information is provided by RNS
The company news service from the London Stock Exchange
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