Cape plc Acquisition of Redhall Engineering (1515N)
14 May 2015 - 4:01PM
UK Regulatory
TIDMCIU
RNS Number : 1515N
Cape plc
14 May 2015
Press Release
Acquisition of multi-disciplined engineering business
Cape plc, the international provider of critical industrial
services to the energy and natural resources sectors, announces
today that it has acquired Redhall Engineering Solutions Limited
("Redhall Engineering"), for a totalconsideration of GBP6 million.
The acquisition will be funded from the Group's existing debt
facilities and is expected to be earnings enhancing in the current
financial year.
Redhall Engineering employs approximately 420 people, primarily
located in the UK and had revenues of GBP30.1 million for the year
ending 30 September 2014. The business predominantly operates in
the process and downstream oil & gas industries and provides a
range of maintenance services including specialist pipe welding and
repair, tank repair, bundle pulling and shutdown services.
Commenting on the acquisition, Joe Oatley CEO of Cape said:
"The acquisition of Redhall Engineering is in line with our
strategy to broaden the Group's portfolio by adding adjacent
services and will allow Cape to offer a broader range of
maintenance services to our key clients within the UK. Redhall
Engineering has a strong management team and a highly skilled
workforce and I look forward to welcoming them into the Cape
group"
About Cape
Cape (www.capeplc.com), which is premium listed on the main
market of the London Stock Exchange, is an international leader in
the provision of critical industrial services principally to the
energy and natural resources sectors. Our multi-disciplinary
service offering includes access systems, insulation, specialist
coatings, passive fire protection, refractory linings,
environmental services, oil and gas storage tanks and heat
exchanger replacement and refurbishment. Cape employs over 17,000
people working across 21 countries and in 2014 reported revenue of
GBP698.3 million.
For further information about Cape, please visit our website
www.capeplc.com
- End -
For more information contact:
Joe Oatley, Chief Executive, Cape plc
joe.oatley@capeplc.com
+44 (0)18 9545 9979
Michael Speakman, Chief Financial Officer, Cape plc
michael.speakman@capeplc.com
+44 (0)18 9545 9979
Bobby Morse, Ben Romney & Jason Day, Buchanan
+44 (0)20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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