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Restore to acquire Wincanton Records Management

By BFN News | 07:26 AM | Wednesday 04 November, 2015

Restore has agreed to acquire the records management business of Wincanton plc, known as Wincanton Records Management, for an enterprise value of GBP60m, on a cash and debt-free basis. Consideration will be about GBP55.7m, which is after deductions for retained working capital of GBP2.4m and certain tax costs of GBP1.9m incurred by Wincanton plc. The Acquisition will be financed from funds raised by a placing with certain institutional investors and partly through new debt facilities of £80 million with Royal Bank of Scotland and Barclays. The Company also announces a firm placing with institutional investors to raise about GBP34m before expenses through the issue of about 13.077m new shares at 260p each. The Placing was significantly oversubscribed with demand from new and existing institutional shareholders. Story provided by

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