CIU Cape

TIDMCIU

RNS Number : 1515N

Cape plc

14 May 2015

 
   Press Release 
 

Acquisition of multi-disciplined engineering business

Cape plc, the international provider of critical industrial services to the energy and natural resources sectors, announces today that it has acquired Redhall Engineering Solutions Limited ("Redhall Engineering"), for a totalconsideration of GBP6 million. The acquisition will be funded from the Group's existing debt facilities and is expected to be earnings enhancing in the current financial year.

Redhall Engineering employs approximately 420 people, primarily located in the UK and had revenues of GBP30.1 million for the year ending 30 September 2014. The business predominantly operates in the process and downstream oil & gas industries and provides a range of maintenance services including specialist pipe welding and repair, tank repair, bundle pulling and shutdown services.

Commenting on the acquisition, Joe Oatley CEO of Cape said:

"The acquisition of Redhall Engineering is in line with our strategy to broaden the Group's portfolio by adding adjacent services and will allow Cape to offer a broader range of maintenance services to our key clients within the UK. Redhall Engineering has a strong management team and a highly skilled workforce and I look forward to welcoming them into the Cape group"

About Cape

Cape (www.capeplc.com), which is premium listed on the main market of the London Stock Exchange, is an international leader in the provision of critical industrial services principally to the energy and natural resources sectors. Our multi-disciplinary service offering includes access systems, insulation, specialist coatings, passive fire protection, refractory linings, environmental services, oil and gas storage tanks and heat exchanger replacement and refurbishment. Cape employs over 17,000 people working across 21 countries and in 2014 reported revenue of GBP698.3 million.

For further information about Cape, please visit our website www.capeplc.com

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For more information contact:

Joe Oatley, Chief Executive, Cape plc

joe.oatley@capeplc.com

+44 (0)18 9545 9979

Michael Speakman, Chief Financial Officer, Cape plc

michael.speakman@capeplc.com

+44 (0)18 9545 9979

Bobby Morse, Ben Romney & Jason Day, Buchanan

+44 (0)20 7466 5000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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