Thu, 09 Nov 2023 | BUSINESS SALE
AVRS Systems, a specialist mechanical, electrical, instrumentation, control and automation (MEICA) design and build contractor serving the water industry, has been acquired by listed construction group Galliford Try. The deal is valued at up to £7 million, with an initial consideration of £4.5 million financed from the group’s existing cash resources.
If the maximum consideration is met, the deal would represent close to a 5.4x multiple of AVRS Systems’ pre-tax profits of £1.3 million for last year, with the company generating revenue of £7.9 million. At the time, the company’s gross assets were valued at £3.8 million.
AVRS Systems was founded in 1972 and operates out of premises in Cumbria, Warwickshire and Middlesborough. The company, which employs close to 100 staff, holds long-term frameworks with several key water sector clients, as well as the MoD and the Coal Authority. In the energy sector, the company also has long-term client relationships providing in-house design, supply, installation and commissioning services of MEICA.
The company’s operations are closely aligned with Galliford Try’s existing business, with the acquisition also representing a continuation of the group’s strategy of development in adjacent markets. AVRS’s capabilities will complement its growing environmental operations, whilst also accelerating the growth of the group’s asset optimisation and maintenance strategy.
Commenting on the acquisition, Galliford Try Chief Executive Bill Hocking said: "I am delighted to welcome AVRS to Galliford Try. We have said that we will continue to consider bolt-on acquisitions to accelerate our strategy and this acquisition increases our capabilities in the environment business and bolsters the group's capital maintenance credentials.”
"AVRS brings highly complementary skills into the group which will further advance our sustainable growth strategy."
Read about how environmental and sustainability concerns are becoming central to many M&A strategies
Outstanding opportunity to acquire market-leading HERZ biomass renewable energy systems specialist offered for relocation providing 'one stop' range of fast professional services with impressive nationwide reputation, private and trade client base.
RELOCATABLE
Well-established and sought after ISO 9001:2008 accredited Ltd Company. Offers a wide range of customised professional general and heavy steel design/fabrication and installation services.
LEASEHOLD
Long-established company with impressive reputation and blue chip commercial client base offering wide range of facilities management/design, build project management, and on-site support services for all manner of civil/electrical and mechanical con...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.