Acquisition of MCS Control Systems
FOR IMMEDIATE RELEASE.
11 July 2022
Galliford Try Holdings plc ("Galliford Try")
Acquisition of MCS Controls Systems Limited ("MCS")
Galliford Try is pleased to announce that it has agreed to acquire MCS Controls Systems Limited, a leading systems integrator to the industrial and utilities sectors for a consideration of £1 (the "Acquisition"). MCS is based in Coventry, West Midlands and has 81 employees.
Founded in 1976, MCS is a systems integrator and manufacturer of motor control centres for a wide range of industrial market sectors, with its main area of operations being the water and wastewater treatment sector.
The 45 year heritage and values of MCS are an excellent fit with Galliford Try and the Acquisition is consistent with our Sustainable Growth Strategy.
The addition of MCS's capabilities is complementary to the operations of Galliford Try's expanding Environment business. In particular, MCS provides additional competencies that complement those acquired in October 2021 with nmcn's water business and Lintott Control Systems and will accelerate the growth of Galliford Try Environment's asset optimisation and capital maintenance strategy.
For the year ended 31 December 2020, being the last year for which MCS has published audited results, MCS generated revenue of £10.1 million, incurred a pre-tax loss of £0.5 million and had net assets of £2.0 million. In addition to the purchase consideration of £1, Galliford Try expects to fund certain contractual liabilities incurred prior to the completion date of the Acquisition to strengthen MCS's balance sheet and provide additional operational stability.
Commenting on the Acquisition, Bill Hocking, Chief Executive of Galliford Try, said:
"I am delighted to welcome the employees, clients and suppliers of MCS to Galliford Try. This acquisition is an excellent strategic fit with our enlarged water business, brings highly complementary capabilities into the Group and advances our Sustainable Growth Strategy."
For further information please contact:
Galliford Try Holdings plc
Bill Hocking, Chief Executive
Andrew Duxbury, Finance Director
Kevin Corbett, General Counsel & Company Secretary
Tel: +44 (0)18 9585 5001
Peel Hunt LLP (Financial Adviser and Corporate Broker )
Harry Nicholas
Miles Cox
Tel: +44 (0)20 7418 8900
Tulchan Communications
James Macey White
Tel: +44 (0)20 7353 4200
Note to Editors
Galliford Try is a leading UK construction group listed on the London Stock Exchange. Operating as Galliford Try and Morrison Construction, the Group carries out building and infrastructure projects with clients in the public, private and regulated sectors across the UK.
END
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