Business
Acquisition and Strategic Par
Acquisition and Strategic Par.
About this update from Vianet Group Plc
[{"type":"text","content":"\n RNS Number : 8985I Brulines Group PLC 22 March 2010 \n \n\n \n \n\n\n\n\nPress Release \n\n\n22 March 2010\n\n\n\n\n \n \nBrulines Group plc\n(the \"Company\" or \"Brulines\")\nAcquisition of Energy Level Systems \nand Strategic Partnership with Indigo Retail Technology\n \nBrulines Group plc, the market leading provider of real time monitoring systems and data management services for the UK leisure sector, is pleased to announce that it has agreed to acquire Energy Level Systems Ltd (\"ELS\"), the UK distributor of OPW Fuel Management Systems tank gauging solutions based in Market Harborough, from Astoncrest Consultants Limited (\"Astoncrest\") (\"the acquisition\"). \n \nThe initial consideration for the acquisition of ELS, which will take effect from 6 April 2010, is £700,000 payable in cash, with further deferred consideration of a maximum of £1,350,000 payable dependent on the earnings before interest and tax (\"EBIT\") of ELS for the two years ending 31 March 2012.\n \nELS was established in December 2008 to acquire the OPW Fuel Management Systems distributorship, which it successfully achieved in February 2009. Management accounts for ELS to 31 January 2010 show that it recorded an adjusted EBIT of £59,000 on a turnover of £724,000.\n \nImmediately prior to completion of the acquisition, ELS will acquire the tank lining, liquefied petroleum gas and forecourt services businesses of Graphite UK Ltd., also based in Market Harborough. In the year ended 31 July 2009, these businesses made an EBIT of £151,000 on a turnover of £2,501,000.\n \nRichard Quarmby, majority shareholder of Astoncrest and former Vice President of Torex's Petrol and Convenience Division, will join Brulines' Forecourt Service Division as Business Development Director, reporting to Phil Maud, Managing Director.\n \nBrulines aims to become a market leader in the provision of telemetry, data management, analysis, and associated software and support services to the petrol forecourt sector. This strategy has seen the successful acquisition of Edensure, a wet stock management business, in October 2008, and the appointment of Maud, who joined as Managing Director of the Forecourt Division in September 2009 from Morrisons Supermarkets, where he had previously been Director of Petrol Fore...