AGK Aggreko Plc

TIDMAGK

RNS Number : 7671X

Aggreko PLC

02 September 2015

2 September 2015

Aggreko plc

AGGREKO ACQUIRES CANADIAN TEMPERATURE CONTROL BUSINESS ICS GROUP

Aggreko plc is pleased to announce that, in line with its business priorities, it has entered into an agreement to acquire substantially all of the assets associated with, and used in connection with, the equipment rental business of ICS Group, Inc. ("ICS"), a leading provider of mobile temperature control services in Canada.

The total consideration is C$37.0 million (GBP18.0 million); in the 12 months to July 2015, ICS had revenues of C$18.2 million (GBP8.9 million). The agreement is contingent on the satisfaction of a number of pre-closing conditions usual for a transaction of this type.

The acquisition will not only establish Aggreko in the North American heater market, it will provide a geographic footprint in cities such as Calgary and Winnipeg where the Company does not currently operate and complements many of Aggreko's key sectors including oil & gas, industrial and events.

Aggreko's acquisition of ICS will add more than 60 experienced and skilled employees and more than 2,100 fleet assets to the Rental Solutions business. Following a period of transition, Aggreko plans to integrate the operations of ICS with its Western Canada business, before expanding into other areas within North America.

Chris Weston, Chief Executive, said: "The acquisition of ICS enhances our temperature control business in North America and gives our customers an unparalleled range of equipment and service options. Temperature control products are used extensively in our target sectors and benefit our core business as they generally require associated power. Today's announcement underlines Aggreko's clear commitment to deliver growth both organically and through bolt-on acquisitions."

Enquiries

 
 Investors & Analysts 
 Louise Bryant, Aggreko plc             +44 7876 478 272 
 
   Media 
 John Sunnucks / Lorna Cobbett, Bell 
  Pottinger                             +44 20 3772 2500 
 

Notes to Editors

Founded in 1999 in Alberta, Canada, ICS Group is well known for their temporary heating, concrete cure, and ground thaw solutions that cater to many of Aggreko's sectors including construction, oil & gas, industrial, restoration & event sectors.

This information is provided by RNS

The company news service from the London Stock Exchange

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