Business
Acquisition of Seal
Acquisition of Seal.
About this update from Porvair Plc
[{"type":"text","content":"\n RNS Number : 6172Y Porvair PLC 09 July 2008 \n \nFor immediate release 9 July 2008\n\nPorvair plc \n\n('Porvair' or the 'Group')\n\nAcquisition of Seal Analytical Ltd\n\nPorvair plc today announces the acquisition of Seal Analytical Ltd ('Seal'), a leading manufacturer of water quality analysis equipment for environmental and industrial laboratories. The acquisition allows Porvair to build on its position in water quality markets and brings immediate opportunities for cost savings and revenue growth.\n\nSeal is being acquired from its shareholders who include The South East Growth Fund and Tim Brittain, Seal's Managing Director.\n\nThe acquisition values Seal's ordinary and preference share capital at up to £3.8 million (net of option receipts), to be settled by up to £2.3 million of cash and up to £1.5 million of shares in Porvair (the 'Consideration Shares'). Porvair will also assume £2.2 million of Seal's existing bank borrowings and £0.3 million of finance leases for a total consideration of a maximum of £6.3 million pending net asset adjustments of up to £0.5 million. Seal had gross assets of £3.9 million at 30 June 2007, including goodwill of £1.2 million.\n\nFor the financial year ended 30 June 2008, Seal is expected to report revenues of approximately £7.6 million (2007: £6.0 million) and PBT of approximately £0.5 million (2007: loss of £0.7 million).\n\nSeal's main products, analysis instruments and relat...