Business
Acquisition
Acquisition.
About this update from Avingtrans Plc
[{"type":"text","content":"\n \nRNS Number : 7489B Avingtrans PLC 11 June 2019 \n\n11 June 2019\n \nAvingtrans\n(\"Avingtrans\" or the \"Company\")\nAvingtrans acquires Booth Industries\n \nAvingtrans PLC (AIM: AVG), which designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy and medical sectors, is pleased to announce the acquisition of the trade and certain assets of Booth Industries Limited (\"Booth\"), a leading UK engineering company, for total consideration of £1.8 million (the \"Acquisition\").\n \nBooth, based in Bolton, has a total of 90 employees and focuses on the design and manufacture of blast doors and prefabricated fire and blast wall systems, fire doors (integrity and insulated) for both off and on-shore applications, radiation shielding doors, acoustic doors, security doors, multi-performance and large bespoke doors. Booth's products are sold into a range of markets including offshore oil and gas, marine, rail and infrastructure, tunnels and mining, security and counter terrorism, aviation, nuclear, commercial and industrial, spares, maintenance and repairs. \n \nThe Company has acquired Booth from Christopher Petts and Sarah O'Toole of Grant Thornton UK LLP, acting for AIM-quoted Redhall Group plc, which was placed into administration on 10 June 2019. The total consideration of £1.8 million is to be satisfied in cash, funded from the Company's existing resources. In the year to 30 September 2018, Booth recorded revenues of approximately £11.7m and profit before tax of approximately £0.3m. Acquired net assets totalled approximately £2.5m as at the transaction date, excluding Booth's existing cash and the company's debtor book.\n \nIt is intended that Booth will be integrated within the Company's Process Solutions and Rotating Equipment (PSRE) division, bringing new expertise to the enlarged business. \n \nSteve McQuillan, CEO of Avingtrans, commented: \"This strategic acquisition allows Avingtrans' PSRE division to further expand its offerings and create synergies for its key clients. The acquisition of Booth adds to the foundations of the PSRE division and exemplifies our strategy to build shareholder value by bringing together niche businesses, fusing their individual capabilities and complementary activities to achieve critical mass.\" \n&nbs...