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PTSG purchases BEST for £20m

04 July 2017

Lightning protection and steeplejack company BEST has been acquired by PTSG for a maximum consideration of £20m, it has been announced today.

It is funding the acquisition through a non-pre-emptive cash placing to raise gross proceeds of £15m.

PTSG has identified a number of benefits of the acquisition, including complementary georgraphic coverage through the BEST presence in Scotland and the West of the UK.

It will also drive additional operational efficiencies and opportunities for cross-selling new and existing services, the company said.

The acquisition is expected to be "immediately earnings enhancing and materially enhancing in the first full year", due to the financial health of the BEST business.

It recorded revenue growth of 12% and increased profit before tax by 18% and has "maintained attractive EBIT margins of c.20%", according to PTSG.

Chief executive officer Paul Teasdale welcomed BEST to the PTSG group:

"The highly complementary acquisition provides us with significantly increased geographic coverage, scale in installation activities and additional capabilities with an attractive testing and inspection base, all of which will enhance our market leading offering.

"We look forward to working with all the vendors of BEST who will remain in the business following the acquisition," said Mr Teasdale.

PTSG currently employs more than 450 people around the UK, servicing over 150,000 buildings for 12,000 customers in a wide range of industries.

Following the doubling of its share prices in the last two years, the company says it sees "huge opportunities" for further expansion through organic growth and acquisitions.

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