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Balfour Beatty acquires Covion

18 October 2007

Balfour Beatty has acquired Covion, the facilities infrastructure services business from its management and private equity investors. Covion will become part of Haden Building Management, Balfour Beatty's FM arm. The move strengthens and extends Balfour Beatty’s reach in FM , and its strategy of offering integrated service packages, extending white collar skills and increasing private sector presence.

Acquisition gives Haden Building Management strong position in the fast-growing private sector FM market and a prime position in integrated technical service provision.

Covion is a profitable, fast-growing company with an excellent customer base including Logica CMG, Anglian Windows, Britvic and Tate & Lyle. Complementary to Haden Building Management’s existing strengths in public sector markets.

Commenting on the acquisition, Ian Tyler, Chief Executive, Balfour Beatty said, "This transaction is an important step in increasing our penetration of the private sector facilities management market and in broadening and deepening our range of expertise in technology, property and people services. The addition of Covion’s clients and people will provide Haden Building Management, which is already growing strongly, with a significantly enhanced service offering in the facilities management marketplace and will establish us as a key player in the integrated facilities management field.”

Covion, which provides technology, property, people and FM services in integrated packages to the manufacturing facilities and corporate business sectors, has been one of the fastest growing companies in the UK in 2005 and 2006. It will become part of Haden Building Management (HBM), Balfour Beatty’s existing facilities management arm, adding a strong private sector presence and a specialist expertise in a range of white and blue collar functions to HBM’s predominantly public sector portfolio.

David Steventon, Chairman of Covion, said: “We are delighted to have found in Balfour Beatty an ideal partner to continue to expand the range and depth of services that we can provide to the market. The value of our market integrated approach is being recognised by an increasing number of blue chip customers.”

Covion was founded in 2000, is based in Theale, near Reading, and has some 600 employees. In 2007, its revenues will exceed £33 million and are forecast to continue to grow strongly as its customer base expands. To date, the business has achieved good margins which are expected to continue. Its clients are large, multi-national organisations and top-tier corporate businesses, including Logica CMG, Anglian Windows, Britvic and Tate & Lyle.

The consideration has been satisfied by cash.

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