Strategic acquisition of PRM Green Technologies
10 August 2021
Restore plc
("Restore" or the "Group" or "Company")
Strategic acquisition of PRM Green Technologies Ltd
Restore Technology continues expansion momentum
Restore plc (AIM: RST), the UK's leading provider of integrated information and data management services, secure technology recycling and commercial relocation solutions, is pleased to announce that it acquired 100% of the share capital of PRM Green Technologies Ltd ("PRM"), a leading IT recycling and asset disposition (ITAD) business, on 9th August 2021.
This is the fourth strategic acquisition by Restore in the ITAD sector in the past 12 months and consolidates Restore Technology's number one position in this highly fragmented UK market.
PRM is based in Cannock with sites in Carlisle, Taunton and Alton. The business has a broad product offering, operates an excellent ecommerce platform (PCBITZ.com) and has established a strong position in the valuable UK education sector. The integration of PRM into Restore's existing ITAD business will add further scale, offer operational efficiency, and extend strategic sales channel presence.
This acquisition represents a further milestone in Restore's strategy for growth, as outlined at the Group's Capital Markets Day presentation in November 2020, to grow earnings through organic expansion, strategic acquisition and margin improvement through synergies and efficiency gains.
PRM's team of 59 staff will remain with the business which will be fully integrated into Restore Technology
by the end of 2021. PRM is a well invested, highly profitable and cash generative business and is expected to be immediately earnings accretive with average yearly revenue of £3.0 million and an average EBITDA of £0.9 million achieved over the past 3 years.
Charles Bligh, Restore plc CEO, commented on the acquisition:
"The team at PRM have built a terrific business providing excellent customer service and a great product offering. I am delighted to welcome new colleagues to Restore and I look forward to us continuing to grow our IT recycling and secure disposal business under the leadership of Athena Ainsworth, our new MD of Restore Technology.
The addition of PRM to the business will add more scale, expand our ecommerce business and provide a strategic presence in the UK education sector. Restore Technology is now comfortably the UK market leader in the recycling of IT assets and with the addition of PRM we have created an even greater opportunity to grow, both organically and through further acquisitions in the future."
For further information, please visit:
Restore plc www.restoreplc.com
Charles Bligh, CEO 020 7409 2420
Neil Ritchie, CFO
Peel Hunt LLP www.peelhunt.com
Mike Bell 020 7418 8900
Ed Allsopp
Buchanan Communications www.buchanan.uk.com
Charles Ryland 020 7466 5000
Victoria Hayns
Stephanie Whitmore
Tilly Abraham
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