Business
Acquisition
Acquisition.
About this update from Fih Group Plc
[{"type":"text","content":"\n Falkland Islands Holdings PLC\n04 March 2008\n\n 4 March 2008\n\n Falkland Islands Holdings plc\n\n Acquisition of Momart\n\n\nHighlights\n\n • Acquisition of Momart for £10.27 m by Falkland Islands Holdings plc\n • Momart is a UK market leader in fine art logistics and storage with a blue\n chip client list\n • Art removal and storage market growth is driven by internationalisation of\n art market, re-distribution of global wealth and trend for outsourcing\n • Since 1998 Momart has delivered a Compound Annual Growth Rate in turnover\n of 7.9%\n • Acquisition expected to be significantly EPS enhancing\n • Momart's customers include The Victoria and Albert Museum. The Tate\n Galleries, The Royal Collection, Damien Hirst and The Henry Moore\n Foundation\n • Scope for international expansion and growth\n\n\nAcquisition of Momart\n\nThe Board of Falkland Islands Holdings plc ('FIH' or the 'Group'), the\ninternational services Group which owns essential services businesses focused on\ntransport and logistics and which has a major shareholding in Falkland Oil and\nGas ('FOGL'), is pleased to announce the acquisition of Momart International Ltd\n('Momart'), the international art logistics and storage company, for £10.27m.\nMomart is being acquired from its management and employees for a mixture of\ncash, deferred consideration and shares in FIH. The acquisition is conditional\non the admission of the new FIH shares to trading on AIM, which is expected to\ntake place tomorrow (5 March 2008).\n\nFollowing the acquisition, Momart's key management and staff will continue to\nwork within the Group to drive its continued expansion, particularly in rapidly\ngrowing overseas markets. It is expected that the acquisition will be\nsignificantly accretive to EPS post completion and further strengthens the\nGroup's earnings base within the transport services sector. It also enhances\nFIH's overall growth prospects.\n\nMomart was established in 1971 and has grown steadily to become a\nglobally-respected logistics group focused exclusively on the storage,\ntransportation and installation of fine art, ranging from paintings, to\nsculptures, to complex installations, into, out of and within the United\nKingdom. Momart has a highly trained workforce and a fleet of purpose built\nspecialist vehicles operating from its modern 78,000 sq....