PTSG makes BEST acquisition

Castleford-based PTSG has acquired Manchester-based Brooke Edgeley (BEST) for a day one cash consideration of £14m. PTSG also intends to conduct a non-pre-emptive cash placing to raise gross proceeds of £15m to fund the acquisition and associated costs.

The company said a deferred consideration of £6m will also be payable over the next three years in equal instalments,

Paul Teasdale, CEO of PTSG, said: “We are very pleased to welcome BEST, a long established and respected lightning protection and steeplejack business with a significant national presence, to the PTSG group of companies.

“The highly complementary acquisition provides us with significantly increased geographic coverage, scale in installation activities and additional capabilities with an attractive testing and inspection base, all of which will enhance our market leading offering.

“We look forward to working with all the vendors of BEST who will remain in the business following the acquisition.”

BEST was established in 1957. It operates nationally from four office locations in Manchester, Kidderminster, Chelmsford and Wishaw, Scotland. The company has arpund 160 engineers and staff.

PTSG said the rationale behind the deal was BEST’s “complementary geographical coverage” to its existing operations. The acquisition also adds scale to PTSG’s lightning protection, test and inspection and steeplejack services.

BEST has seen revenue grow 12 per cent per annum since 2014 and profit before tax by 18 per cent per annum.

Group revenue was up 52 per cent to £39.2m for the year ended December 31, 2016, at PTSG. With the firm also reporting earlier this year that profit was up 45 per cent to £20.3m for the same period.