Business
Morgan Sindall Group acquires
Morgan Sindall Group acquires.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n RNS Number : 5648O Morgan Sindall Group PLC 30 June 2010 \n \n\n \n30 June 2010\n \nMorgan Sindall Group has acquired Powerminster Gleeson Services \n \nMorgan Sindall Group plc ('Morgan Sindall Group'), the construction and regeneration group, is pleased to announce that it has acquired Powerminster Gleeson Services ('Powerminster') from the MJ Gleeson Group plc ('Gleeson'). Morgan Sindall Group has paid a total cash consideration to Gleeson of £6.61m for the entire issued share capital of Powerminster. Powerminster currently has net assets of £3.6m including £1.8m of cash. The payment was made from existing cash resources.\n \nPowerminster provides a range of facilities management services that include both planned and reactive maintenance to housing associations and housing PFI schemes. The acquisition significantly enhances Morgan Sindall Group's maintenance capability within its affordable housing division, Lovell. The division's response maintenance business, Lovell Respond, is mainly focused in the Midlands, whilst Powerminster has a strong presence in the North West, North East and South East of England. Bringing together the two businesses' complementary expertise and geographical presence creates a UK-wide, planned and reactive maintenance and estates management services business under the Lovell Respond brand. \n \nIn the year to 30 June 2009 Powerminster achieved an operating profit of £1.0m on revenue of £18.7m. \n \nPaul Smith, Chief Executive of Morgan Sindall Group plc, said:\n \n\"This is an important strategic acquisition for the Group. It gives our existing response maintenance business significant critical mass, creating a nationwide offering and substantially enhancing the range of services we provide. It also leaves us better placed to take advantage of the response maintenance element of future social housing PFI schemes. \n \n\"Social housing contracts are increasingly being tendered on a combined planned and responsive maintenance basis. This acquisition ensures that we can continue to meet our clients' needs and further builds on the strong position we hold in the social housing market.\"\n \nEnds\n \nENQUIRIES:\n \nMorgan Sindall Group plc ...