02.01.2007

Siteserv acquires Easy Access

Easy Access – the Irish formwork and scaffolding supplier – has been acquired by recently listed fencing and scaffolding company Siteserv for a maximum of €23 million.

Patrick Jordan, managing director of Easy Access and his management team will remain with the business. Jordan has also been appointed a director of Siteserv.

Formed in 1992, Easy Access which has depots in Clondalkin, Dublin, Tuam, Galway and Glanmire in Cork, hires formwork and scaffolding products across Ireland.

The purchase includes an initial payment of €20 million on completion, €17 million in cash with the remainder being covered by issuing of 5,454,545 Siteserv ordinary shares at €0.55 each. These shares have a 12 month lock-up period.

An additional deferred €3 million will be payable in equal installments of €1.5 million in cash on the first and second anniversary of completion. Depending on Easy Access’ financial performance up to 30th April 2009, additional amounts will be payable, however this figure has been capped at €3 million.

In the year ended 28 February 2006, Easy Access had revenues of €16.5 million and earnings before interest and tax of €4.3 million. Net assets at completion are expected to be approximately €8.2 million. Siteserv will fund the acquisition with additional borrowings of approximately €15 million.

Siteserv listed on the Dublin IEX and London AIM markets early in November last year and then purchased Holgate Fencing (Ireland) for €19 million.