Clarke(T.) PLC Acquisition (2171N)
August 07 2017 - 1:00AM
UK Regulatory
TIDMCTO
RNS Number : 2171N
Clarke(T.) PLC
07 August 2017
TClarke plc
Acquisition of Eton Associates
TClarke plc ("TClarke" or "the Group"), the building services
group, is pleased to announce the acquisition of Eton Associates
Limited ("ETON") a London based privately owned control systems
specialist offering a variety of Building Management Systems.
ETON is well known to TClarke and the Group has worked alongside
them on a number of high profile projects in our core markets in
London. It specialises in installing and maintaining sophisticated
building controls systems on complex office buildings. Recent
projects ETON has been involved with include, 20 Fenchurch Street,
Chiswick Park, One Canada Square, Bloomberg London, Lacon House and
Angel Court.
Under the terms of the acquisition agreement, TClarke has paid
an initial cash consideration of GBP1.5 million, and a further
GBP0.5 million is due to be released to the vendors following
agreement of the final completion accounts. Further consideration
of up to GBP0.6 million, will become payable to the vendors,
subject to certain earnings targets being met in the two years to
4(th) August 2019.
For the year ended 31 May 2016 (the latest financial period for
which audited results are available), ETON reported revenues of
GBP9.5 million and a pre-tax profit of GBP0.3 million. As at 31 May
2016 it had gross assets of GBP3.2 million and net assets of GBP0.7
million.
After integration costs are taken into account, the acquisition
is expected to be earnings enhancing in 2018.
With regards to the two principal directors and owners of the
business, Jamie Ward will be remaining with the business for a
minimum of two years following the acquisition and Graham Millward
will remain available as a consultant to the business for a
two-year period.
Acquisition Rationale
The acquisition of ETON is part of TClarke's stated strategy to
grow and develop its range of services in the area of Intelligent
Buildings, providing our customers a comprehensive offering and
supporting our core M&E contracting business.
About ETON
ETON employs around 80 people and is currently based in London
Docklands with a manufacturing plant in Essex. The intention is to
co-locate the operations of ETON at our London Head Office at
Moorgate and at our recently opened purpose built prefabrication
facility at Stansted.
All of ETON's engineers are trained in Cylon, Honeywell, Trend
& Tridium Building Control Systems which are the most utilised
systems throughout the world, these engineers are supported by
dedicated in House Software Design Engineers.
ETON's current client relationships include:
-- Canary Wharf Management and Contractors
-- CBRE Maintenance
-- Lend Lease
-- Sir Robert McAlpine
-- Stanhope Plc
For further information on ETON, visit their website at
www.etonassociates.com
Mark Lawrence, CEO of TClarke commented,
"We welcome the ETON team to TClarke and I am confident that the
business will reach new potential as part of a larger group
enabling them to build upon the scale and number of projects
undertaken. Increasingly, our clients are demanding ever more
sophisticated systems to control their buildings. With this
acquisition we are able to deliver a joined up ability to meet
these demands."
Jamie Ward, Managing Director of ETON commented,
"We are delighted to be joining TClarke. The Group has
established an outstanding reputation within the industry for its
first class approach to working with its clients on some of the
most complex projects in the UK. We have always enjoyed working
with them and by combining our expertise I am confident that the
prospects for our clients and our staff will be greatly
enhanced."
7(th) August 2017
For further information contact:
TClarke plc
Mark Lawrence - Group Chief Executive
Martin Walton - Finance Director
David Lanchester - Company Secretary
Tel: 020 7997 7400
www.tclarke.co.uk
N+1 Singer (Financial Adviser and Broker)
Sandy Fraser
Rachel Newton
Tel: 020 7496 3000
www.nplus1singer.com
RMS Partners
Simon Courtenay
Tel: 020 3735 6551
This information is provided by RNS
The company news service from the London Stock Exchange
END
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