For immediate release
Monday, 7 January 2013
Keller Group plc
Acquisition of Geo-Foundations Contractors, Inc. (Canada)
Keller Group plc ("Keller" or "the Group"), the international
ground engineering specialist, announces that the Group has
acquired Geo-Foundations Contractors, Inc. ("Geo-Foundations"), a
Toronto-based specialist
geotechnical contractor.
The consideration, paid in cash from the Group's existing
facilities, was C$9.2m (£5.7m),
including an estimated C$0.6m (£0.4m)
of acquired net debt.
Geo-Foundations principally serves eastern Canada, where it offers design-build solutions
to the construction and mining industries. It has built a strong
engineering reputation and has grown its revenue to around
C$20m (£12.4m) in 2012. The business
specialises in micro-piling, ground anchors, and specialty grouting
services which, whilst well established in the US, are still
relatively new to the Canadian market. A combination of increasing
market acceptance of these techniques in Canada, along with the introduction of ground
improvement techniques and assistance from Keller's existing US
business, is expected to fuel significant growth over time.
Commenting on the acquisition, Justin
Atkinson, Chief Executive of Keller, said:
"Keller has worked in partnership with Geo-Foundations on a
number of projects in recent years, building a relationship of
mutual respect. I am confident that, together, we are
well-positioned to fully exploit the opportunities in this
attractive market.
"This acquisition builds on our strong track record of expanding
into higher growth geographic regions through both organic growth
and targeted acquisitions."
For further information, please contact:
Keller Group plc www.keller.co.uk
Justin Atkinson, Chief Executive 020 7616 7575
James Hind, Finance Director
Finsbury 020 7251 3801
James Leviton/Rowley Hudson
Note to Editors
Keller is the world's largest independent ground engineering
specialist, providing technically advanced and cost-effective
foundation solutions to the construction industry. With annual
revenue of around £1.3bn, Keller has approximately 7,000 staff
world-wide.
Keller is the market leader in the US and Australia; it has prime positions in most
established European markets; and a strong profile in many
developing markets.