Acquisition of DSG Rental (1000U)
16 December 2011 - 6:00PM
UK Regulatory
TIDMNBI
RNS Number : 1000U
Northbridge Industrial Services PLC
16 December 2011
16 December 2011
NORTHBRIDGE INDUSTRIAL SERVICES PLC
("Northbridge" or the "Group")
Acquisition of DSG Rental NV
Northbridge, the industrial services and rental company, is
pleased to announce that it has completed the acquisition of the
entire share capital of DSG Rental NV ("DSGR"), a rental equipment
business based near Antwerp in Belgium (the "Acquisition") for a
total consideration of up to EUR2.9 million.
DSGR was incorporated in 2006 and specialises in the hire of
containerised transformers and switchgear on a global basis. DSGR
rents out medium and low voltage transformers at various capacities
with voltages from 230v to 36000v. The containers are rapidly
deployable and the capacity of transformers and switches can be
adapted according to the specific requirements of each client.
DSGR's main customer base is industrial companies, other rental
companies and international power projects in Europe, Africa and
the Middle East. The product portfolio is complementary to
Northbridge's existing transformer and loadbank rental
equipment.
The business has grown substantially since incorporation.
Revenue in the 12 months ended 30 June 2011 was EUR1.8 million,
predominately generated from rental, and normalised EBITDA was
EUR1.1 million.
The net cash consideration payable by Northbridge on completion
is EUR2.6 million and there is a further deferred consideration of
EUR300,000 payable after four months. The consideration will be
satisfied from the Group's existing cash resources and bank
facilities.
Commenting on the Acquisition, Eric Hook, Chief Executive of
Northbridge, said:
"We are very pleased to have completed this acquisition, which
is the second this week and which demonstrates the ongoing
commitment to our business strategy. DSGR is an excellent fit with
Northbridge's existing business and the acquisition will serve to
consolidate our operations in Europe as well as act as a base from
which we can meet the growing needs of our clients across
Europe."
For further information:
Northbridge Industrial Services plc
Eric Hook, Chief Executive Officer
Craig Robinson, Finance Director 01283 531645
Arbuthnot Securities Limited (Nominated Adviser
& Broker)
Antonio Bossi
Ed Groome 020 7012 2000
Buchanan Communications
Charles Ryland
James Strong 020 7466 5000
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist
industrial equipment to a non-cyclical customer base. With offices
or agents in the UK, US, Dubai, Germany, France, Australia,
Singapore, India, Brazil, Korea and Azerbaijan, Northbridge has a
global customer base. This includes utility companies, the oil and
gas sector, shipping, construction and the public sector. The
product range includes loadbanks, transformers, generators,
compressors and oil tools. Northbridge was admitted to AIM in 2006
since when it has recorded increased earnings and dividends based
on providing a high level of service, responsiveness and
flexibility to customers. It has grown by acquisition of companies
in the UK, Dubai, Azerbaijan and Australia and through investing
further in those acquired companies to make them more successful.
Northbridge continues to seek suitable businesses for acquisition
across the world.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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