Severfield buys Harry Peers & Co

Severfield helped to build the new Tottenham Hotspurs Stadium
Severfield helped to build the new Tottenham Hotspurs Stadium
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​Steel firm Severfield has bought structural steelwork business Harry Peers & Co, whose customers include Shell, BP, MoD and Centrica, for an initial consideration of £18m.

​Thirsk-based Severfield said the acquisition will be earnings enhancing in its first full year of operation. ​

Harry Peers & Co ​is a leading structural steelwork business in the​ ​nuclear, process industries and power generation sectors

A performance-based deferred consideration is in place, which could​ ​increase the purchase price by up to £7​m, which would be payable in late 2020.

S​everfield said​ the ​a​cquisition will significantly extend​ its current capabilities into​ ​attractive​,​ complementary market sectors​ and will enhance ​its position as the UK’s broadest structural​ ​steel services group.

It said ​Harry Peers​ ​commands a niche, well-established and trusted position with blue chip customers​​ in t​he nuclear sector, including both the defence and​ ​commercial sectors​.

Severfield's chief executive ​Alan Dunsmore​ said:​ ​“Harry Peers’​ ​experience in specialist, highly regulated, non-cyclical markets will enhance our future growth plans through expanding the ​g​roup’s capabilities and sector reach.

“We believe Severfield is best placed to help Harry Peers continue its profitable growth trajectory,​ ​through increased scale and investment and together with Harry Peers’ strong management team we​ ​have a real opportunity to develop a broader position within the UK structural steel services market.”

Severfield is the UK's market leader in the design, fabrication and construction of structural steel, with​ ​a total capacity of 150,000 tonnes of steel per ​year.