Mears buys property surveyor Pennington Choices for PS9.5 million
Mears Group PLC on Monday said it has acquired property surveying and consultancy business Pennington Choices Group Ltd for a total of £9.5 million.
The Gloucester, England-based provider of housing and social care said the consideration was settled in full upon completion of the takeover and was financed from existing cash resources. The business was bought on a debt and cash free basis, with a ‘normal’ level of working capital.
Pennington Choices delivers compliance activities such as stock condition surveys, fire risk assessments, energy performance certification, asbestos testing and consultancy services.
Mears estimates the business will delivery revenue of £17.0 million and adjusted earnings before interest, tax, depreciation and amortisation, post-synergies, of £1.5 million. It anticipates Pennington Choices being earnings accretive within its first full year under Mears.
‘Mears has made solid progress in developing its systems and front-line capability to deliver compliance services. Pennington Choices’ core competencies in professional and technical services are complementary to Mears’ existing offer and this acquisition will accelerate our progress in the attractive and growing compliance space,’ said Chief Executive Officer Lucas Critchley.
‘In addition to the strategic fit, importantly, we also see a strong cultural alignment between both organisations, particularly in terms of the emphasis given to the investment in, and development of, our respective teams, and I am excited to welcome the employees and customers of Pennington Choices to the group.’
Shares in Mears were up 2.4% at 329.32 pence in London on Monday morning. The stock remains down 15% over the past year, however.
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