Keller Group PLC
16 April 2007
For immediate release Monday, 16 April 2007
Keller Group plc
Acquisition of Systems Geotechnique
Keller Group plc ('Keller' or 'the Group'), the international ground engineering
specialist, today announces the purchase of Systems Geotechnique Limited. The
total consideration comprises an initial amount of approximately £7m payable in
cash from Keller's existing resources plus £1.5m of assumed debt, with a cash
earn-out based on future profits.
Systems Geotechnique is a specialist contractor offering drilling and grouting
services to the UK construction market. With annual sales of around £17m in the
year ended 30 November 2006, it is the market leader in restricted access piling
systems and enjoys a high profile in the small bore drilling sector generally.
Systems Geotechnique was founded in 1999, has bases in Lancashire and Hampshire
and employs over 100 staff.
The acquisition will enable Keller to establish a strong market lead in drilling
and grouting services in the UK and to extend its range of problem-solving
techniques. It follows the acquisition last year in the UK of Phi, a specialist
contractor offering slope and excavation retaining wall systems.
Commenting on the acquisition, Justin Atkinson, Chief Executive of Keller, said:
'We are pleased to have completed this purchase of Systems Geotechnique, which
represents an excellent strategic fit with our existing UK ground engineering
business.
'Systems Geotechnique brings considerable strength in terms of its people,
equipment, design and construct know-how and customer relationships. In return,
the Group offers strong financing, systems and controls within a supportive
culture, which will enable this growing business to continue to develop.
'This purchase marks further progress in our strategy of consolidating our
global leadership in specialist ground engineering services, through a
combination of organic growth and targeted acquisitions.'
For further information, please contact:
Keller Group plc
Justin Atkinson, Chief Executive 020 7616 7576
James Hind, Finance Director
Smithfield 020 7360 4900
Reg Hoare/Will Henderson
This information is provided by RNS
The company news service from the London Stock Exchange
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