Business
Acquisition of ScrewFast Foundations Ltd
Acquisition of ScrewFast Foundations Ltd.
About this update from Van Elle Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2707U\n Van Elle Holdings PLC\n 01 April 2021\n \n \n \n \n \n Van Elle Holdings plc\n \n \n ('Van Elle' or the 'Group')\n \n \n \n \n \n Acquisition of ScrewFast Foundations Limited\n \n \n \n \n \n Van Elle Holdings plc (AIM: VANL), the market leading geotechnical and ground engineering group, announces that it has acquired 100% of the share capital of ScrewFast Foundations Limited ('ScrewFast'), an innovative helical piling and steel modular foundations company for a maximum consideration of £3.68m (the 'Acquisition'). An initial consideration of £1.76m is payable in cash on completion, with up to a further £1.92m of deferred and performance-based cash consideration payable in August 2023.\n \n \n \n \n Highlights:\n \n \n \n \n \n · \n Strengthens the Group's position in its market leading Specialist Piling segment across growth markets of infrastructure and housing\n \n \n \n \n \n · \n ScrewFast's helical piling and integrated foundation system complements Van Elle's existing breadth of capabilities, capturing more of the value chain through providing modular forms of construction and enabling cross-selling opportunities\n \n \n \n \n \n · \n Strengthens Van Elle's market leading position in the highways sector ahead of Highways England's 5-10 year Smart Motorway Alliance\n \n \n \n \n \n · \n Provides new clients and market opportunities in the power and telecoms sectors\n \n \n \n \n \n ·\n Strengthens capabilities for provision of foundation solutions to the electrification and signalling programmes in the rail sector\n \n \n \n \n \n · \n The consideration will be funded from existing cash resources\n \n \n \n \n \n · \n Anticipated to be modestly earnings enhancing during the first full year of operation\n \n \n \n \n \n \n \n \n ScrewFast Foundations Limited\n \n \n Formed in 2000, ScrewFast has developed a significant track record within the infrastructure and general civil engineering markets, with a 15 year track record in highways, and its first rail schemes date back to 2002. In 2019 the company acquired Q&E Fabrications Limited, a specialist fabrications business to provide a full, bespoke service offering of design, fabrication and installation. \n \n \n \n \n \n Example projects d...