1st August 2007
Dow Schofield Watts has advised the vendors on the sale of Kitsons Environmental Europe Limited to Silverdell plc, a leading UK supplier of asbestos contracting and consultancy services for a total consideration of £14m, thereby creating a truly nationwide specialist asbestos services provider.
The consideration being: £12m in cash and £2m to be satisfied by the issue of 1.33m new ordinary shares at 150 pence per share. The audited accounts of Kitsons, for the year ended 31 December 2006 show turnover of £18.7m, EBITDA of £1.7m and EBIT of £1.5m (2005: £0.6m). The consideration of £14m payable at completion represents a multiple of 2006 EBITDA of 8.2.
Kitsons provides asbestos removal, insulation and scaffolding services to the nuclear, petrochemical and retail sectors. Kitsons has approximately 270 staff and is head quartered in Warrington.
The acquisition strengthens Silverdale’s service offering by combining three leading brands in the asbestos services industry: removal and remediation in the commercial (Silverdell (UK)) and industrial (Kitsons) sectors; and asbestos consulting and air monitoring (Redhill Analysts).