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First acquisition of 2017 announced

09 January 2017

Styles&Wood Group has announced the acquisition of GDM Group, the first of its kind for the FM sector this year, with no doubt many more to come in the next 12 months.

An initial consideration of £4m in cash and shares secured the deal, with an additional potential sum of £3.1m payable as deferred consideration.

Part of Styles&Wood's ongoing expansion plans, the acquisition is intended to increase the company's engineering and professional services.

It is also expected to provide further opportunities of working with both new and existing clients.

GDM is based in Dartford, Kent and employs more than 50 people, providing engineering and project management services in business-critical environments.

It is active within the retail, education, commercial offices and data centre sectors.

The company recorded revenues of £7.9m in its last financial year, closing on 30 April 2016, with underlying pre-tax profits of £1m.

No redundancies are expected as a result of the deal, with all GDM staff continuing their employment.

Styles&Woods states that the acquisitions is expected to be "earnings enhancing" this year.

Its last purchase was that of Keysource in September last year, provider of technical services to the data centre and critical facilities sector.

Styles&Wood chief executive officer Tony Lenehan said: "There is a clear trend in the market towards multidisciplinary service provision for blue-chip clients, and this acquisition builds upon the strength of both businesses, as experts in project delivery in live environments."

The company reported year-on-year revenue growth of 18.6% for 2015, rising to £115m, with profits of £2.37m before tax.

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