Galliford Try Holdings PLC Acquisition of MCS Control Systems (9083R)
11 July 2022 - 4:00PM
UK Regulatory
TIDMGFRD
RNS Number : 9083R
Galliford Try Holdings PLC
11 July 2022
FOR IMMEDIATE RELEASE.
11 July 2022
Galliford Try Holdings plc ("Galliford Try")
Acquisition of MCS Controls Systems Limited ("MCS")
Galliford Try is pleased to announce that it has agreed to
acquire MCS Controls Systems Limited, a leading systems integrator
to the industrial and utilities sectors for a consideration of GBP1
(the "Acquisition"). MCS is based in Coventry, West Midlands and
has 81 employees.
Founded in 1976, MCS is a systems integrator and manufacturer of
motor control centres for a wide range of industrial market
sectors, with its main area of operations being the water and
wastewater treatment sector.
The 45 year heritage and values of MCS are an excellent fit with
Galliford Try and the Acquisition is consistent with our
Sustainable Growth Strategy.
The addition of MCS's capabilities is complementary to the
operations of Galliford Try's expanding Environment business. In
particular, MCS provides additional competencies that complement
those acquired in October 2021 with nmcn's water business and
Lintott Control Systems and will accelerate the growth of Galliford
Try Environment's asset optimisation and capital maintenance
strategy.
For the year ended 31 December 2020, being the last year for
which MCS has published audited results, MCS generated revenue of
GBP10.1 million, incurred a pre-tax loss of GBP0.5 million and had
net assets of GBP2.0 million. In addition to the purchase
consideration of GBP1, Galliford Try expects to fund certain
contractual liabilities incurred prior to the completion date of
the Acquisition to strengthen MCS's balance sheet and provide
additional operational stability.
Commenting on the Acquisition, Bill Hocking, Chief Executive of
Galliford Try, said:
"I am delighted to welcome the employees, clients and suppliers
of MCS to Galliford Try. This acquisition is an excellent strategic
fit with our enlarged water business, brings highly complementary
capabilities into the Group and advances our Sustainable Growth
Strategy."
For further information please contact:
Galliford Try Holdings plc
Bill Hocking, Chief Executive
Andrew Duxbury, Finance Director
Kevin Corbett, General Counsel & Company Secretary
Tel: +44 (0)18 9585 5001
Peel Hunt LLP (Financial Adviser and Corporate Broker )
Harry Nicholas
Miles Cox
Tel: +44 (0)20 7418 8900
Tulchan Communications
James Macey White
Tel: +44 (0)20 7353 4200
Note to Editors
Galliford Try is a leading UK construction group listed on the
London Stock Exchange. Operating as Galliford Try and Morrison
Construction, the Group carries out building and infrastructure
projects with clients in the public, private and regulated sectors
across the UK.
END
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