Keller Group PLC
1 August 2000
KELLER GROUP MAKES TWO US ACQUISITIONS FOR A TOTAL CONSIDERATION OF £6.6m
Keller Group plc ('Keller'), the global construction services group, announces
today that it has acquired two businesses in the United States for a total
cash consideration of £6.6m, including deferred purchase consideration, but
excluding debt of £1.4m discharged on completion. These acquisitions further
strengthen Keller's market position in North America.
FSI
Keller has acquired the assets of Foundation Services Inc. ('FSI'), a US
regional market leader in earth retention, piling, grouting and mini-piles,
based in Greensboro, North Carolina.
The acquisition of FSI, which had sales of $7m in 1999 and which will trade as
the Foundation Services Division of Hayward Baker Inc., will greatly improve
the geographical coverage of the southern states of North America. The value
of the net assets to be acquired is $2.4m.
TCDI
In addition, Keller has acquired the shares of TCDI Inc. and Geotechnical
Modifications Inc., (together 'TCDI'). TCDI is a Chicago based specialist
provider of grouting, earth retention anchors and a range of geotechnical
products.
TCDI was founded more than a decade ago to offer grouting services to the
greater Chicago area and reported sales of nearly $7m in 1999. The
acquisition of TCDI will provide a valuable mid-west base for Keller's US
operations and give greater access to the important metropolitan Chicago
market. The value of the net assets to be acquired is $1.9m.
Commenting on the acquisitions, Tom Dobson, Chief Executive of Keller, said:
'These acquisitions meet our objective of expansion by acquiring leaders in
local US markets in order to bring us closer to our customers. I am confident
that these acquisitions will be integrated quickly into the existing business
and significantly enhance the services and opportunities Keller can offer in
the United States.'
For further information, please contact:
Tom Dobson, Chief Executive Keller Group plc 020 8341 6424
Justin Atkinson, Finance Director Keller Group plc 020 8341 6424
Stephanie Highett / Nick Lambert GCI Financial 020 7398 0800
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