Keller Group PLC Acquisition of Moretrench (3368J)
29 März 2018 - 8:01AM
UK Regulatory
TIDMKLR
RNS Number : 3368J
Keller Group PLC
29 March 2018
For immediate release 29 March 2018
Keller Group plc
Acquisition of Moretrench Inc in North America
Further to its announcement on 5 January 2018, Keller today
announces that it has acquired the entire issued share capital of
Moretrench Inc., a geotechnical contracting company operating
predominantly along the east coast of the US, from its employee
shareholders for US$90.0m. At the end of February, the business had
net cash of US$4.3m.
Moretrench has a strong heritage of complex geotechnical
projects and in the year ended 31 December 2017 had revenue of
US$168.3m, operating profit of US$11.3m and EBITDA of US$15.8m
(both excluding US$2.8m of charges relating directly to the
Employee Share Ownership Plan and the transaction). Moretrench's
net assets as at 31 December 2017 were US$66.4m. The acquisition
was funded wholly in cash from Keller's existing borrowing
facilities.
Following the acquisition, Keller will be by far the most
capable geotechnical solutions provider on the east coast and will
be very well positioned for the expected long term renewal of
infrastructure in the region. In addition, the acquisition gives
Keller access to new niche geotechnical products as well as new
industrial customers and should result in good revenue and cost
synergies. Keller and Moretrench have partnered on a number of
successful project JVs in the past which gives confidence in the
mutual compatibility of culture and management approaches.
Alain Michaelis, Chief Executive of Keller, said:
"The acquisition of Moretrench is in line with our strategy of
growing our product range and building strong customer-focused
businesses. I am confident this will be an excellent addition to
Keller. We know the business well, its people, technologies and
geographic focus complement Keller's existing businesses in the US
and there should be good synergies."
For further information, please contact:
Keller Group plc
James Hind, Finance Director 020 7616 7575
Victoria Huxster, Head of
Investor Relations
Finsbury
Gordon Simpson/James Kavanagh 020 7251 3801
Notes to Editors:
Keller is the world's largest geotechnical contractor, providing
technically advanced geotechnical solutions to the construction
industry. With annual revenue of around GBP2.0bn, Keller has more
than 10,000 employees world-wide.
Keller is the clear market leader in the US, Canada, Australia
and South Africa; it has prime positions in most established
European markets and a strong profile in many developing
markets.
For more information, please go to
http://www.keller.com/investors.aspx and
http://www.keller.com/investors/investment-case.aspx.
Cautionary statements:
This document contains certain 'forward looking statements' with
respect to Keller's financial condition, results of operations and
business and certain of Keller's plans and objectives with respect
to these items.
Forward looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
'anticipates', 'aims', 'due', 'could', 'may', 'should', 'expects',
'believes', 'intends', 'plans', 'potential', 'reasonably possible',
'targets', 'goal' or 'estimates'. By their very nature
forward-looking statements are inherently unpredictable,
speculative and involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the
future.
There are a number of factors that could cause actual results
and developments to differ materially from those expressed or
implied by these forward-looking statements. These factors include,
but are not limited to, changes in the economies and markets in
which the group operates; changes in the regulatory and competition
frameworks in which the group operates; the impact of legal or
other proceedings against or which affect the group; and changes in
interest and exchange rates.
All written or verbal forward looking statements, made in this
document or made subsequently, which are attributable to Keller or
any other member of the group or persons acting on their behalf are
expressly qualified in their entirety by the factors referred to
above. Keller does not intend to update these forward looking
statements.
Nothing in this document should be regarded as a profits
forecast.
This document is not an offer to sell, exchange or transfer any
securities of Keller Group plc or any of its subsidiaries and is
not soliciting an offer to purchase, exchange or transfer such
securities in any jurisdiction. Securities may not be offered, sold
or transferred in the United States absent registration or an
applicable exemption from the registration requirements of the US
Securities Act of 1933 (as amended).
Market Abuse Regulation Statement:
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of the Regulation.
LEI number: 549300QO4MBL43UHSN10
Classification: 3.1 Additional regulated information required to
be disclosed under the laws of a Member State
This information is provided by RNS
The company news service from the London Stock Exchange
END
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