Speedy pays £9.3 million+ for trainer
UK rental company Speedy has acquired construction related training company Geason Holdings in an all share purchase deal from owners brothers Ian and Robert Kilpatrick and family trusts.
Glasgow based Geason was established in 2005 and works with more than 600 key clients, including contractors Vinci, Volker Stevin, Morgan Sindall, Trinity Construction, Barratt and Interserve. The company also operates a training centre in Manchester and currently has more than 1,150 apprentices and 530 NVQ students going through its programmes, while revenues for the year to the end of October were £8.3 million with profits before interest and tax of £1.7 million, gross assets are £2.6 million.
Speedy paid £9 million in cash, while assuming £300,000 of debt, the deal also includes a further contingent consideration of up to £26 million in cash based on a multiple of 3.25 of Earnings Before Interest Tax and Amortisation of the merged Speedy Training and Geason business over the next three years.
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(L-R) Robert and Ian Kilpatrick
The acquisition is intended to offer an improved support and service to Speedy customers , while accelerating the growth of Speedy's services businesses.
Speedy chief executive Russell Down said: "This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK. I warmly welcome Ian, Robert and Geason employees to Speedy."