Porvair PLC
2 May 2001
For Release: 07.30am
2 May 2001
Porvair plc
Acquisition
Porvair plc ('Porvair') today announces the acquisition of 2Fi Holdings
Limited ('2Fi'), a specialist filtration company based in Hampshire, UK. The
consideration is £7.3million, comprising cash of £1.0million, unsecured loan
notes of £1.5million and shares in Porvair Technology Limited ('PTL') with a
value of £4.8million. For the year ended October 2000, 2Fi reported profit
before tax of £0.8million and had net assets of £1.5million at that date.
2Fi will merge with Porvair's existing specialist filtration companies - PTL
and Porvair Microfiltrex - to form a new company, Porvair Filtration Group.
The three founders of 2Fi will own 21% of the Porvair Filtration Group. All
three will remain actively involved in the management of the new business.
Commenting on this transaction, Ben Stocks, Chief Executive of Porvair plc
said :
'We are delighted to announce the acquisition of 2Fi and its incorporation
into the Porvair Group. This dynamic and entrepreneurial business has a
product base and market focus that is highly complementary to ours. The
management team has a proven track record and excellent technical
qualifications, and as part owners of the business will have a strong
incentive to make this venture succeed. The combined business will be an
outstanding specialist filtration business with expertise in sintered
materials, filtration media and high performance filters for demanding
environments.'
Porvair plc Tel: 01553 761111
Ben Stocks, Chief Executive
Mark Moran, Group Finance Director
Buchanan Communications Tel: 020 7466 5000
Charles Ryland / Catherine Miles
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