Business
Agreement to acquire LBI Inst
Agreement to acquire LBI Inst.
About this update from Vianet Group Plc
[{"type":"text","content":"\n RNS Number : 9134N Brulines Group PLC 21 June 2010 \n \n\n \n \n\n\n\n\nPress Release \n\n\n21 June 2010\n\n\n\n\n \n \nBrulines Group plc\n(the \"Group\" or \"Brulines\")\nAgreement to acquire LBI Installations Ltd\n \nBrulines Group plc (AIM:BRU), the leading provider of real time monitoring systems and data management services for the leisure and forecourt services sectors, is pleased to announce that it has agreed to acquire the issued share capital of LBI Installations Ltd (\"LBI\" or \"the Company\"). Completion, subject to satisfactory due diligence, is scheduled for 16 July 2010. \n \nEstablished in 2006, LBI operates web-based contract management solutions for forecourt operations, including those of a leading UK supermarket retailer, which has recently extended that contract for a further 3 years. LBI's proprietary solution has been designed to significantly simplify management of multiple contractors for both reactive and preventive maintenance, as well as ensuring regulatory compliance in a sector where exemplary control measures are essential. In addition, LBI offer forecourt engineering and project management solutions to a number of forecourt operators.\n \nThe consideration for the acquisition will consist of an initial payment of £360,000, followed by performance related deferred consideration. Unaudited accounts for LBI for the year ended 31 March 2010 show that the Company recorded an EBITDA of £166,000 on a turnover of £1,202,000.\n \n On completion of the acquisition, Craig Brocklehurst, current Managing Director of LBI will be appointed Operations Director of Brulines Forecourt Services Division, reporting to Phil Maud, Managing Director of Brulines Forecourt Services Division. \n \nBrulines' forecourt strategy aims to deliver a market leading, integrated toolbox of data management, analysis, and associated products and services that allow forecourt operators to optimise return on investment from their fuel stocks and the assets designed to store, control and issue fuel. \n \nThis strategy has been progressed through a series of developments commencing with the acquisition of Edensure, a wet stock management business, in October 2008 followed by the appointment of Phil Maud from Morrisons Supermarkets in September 2009, th...