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Acquisitions to further strengthen market positions, Davis
16
Jan '10
The Davis Service Group Plc announces that it has made two strategic acquisitions for a combined cash consideration of £44.5 million, of which £2.5 million is deferred beyond 2010.

In our Nordic region, we have acquired the Norwegian and Swedish mat service businesses of ISS, which in 2009 had combined revenues of £12 million and gross assets of £6 million, mostly in Norway. We have also entered into a strategic partnership agreement with ISS under which the Group will provide mat services to ISS' customer base across the Nordic region.

In our Continent region, we have acquired the workwear business of Klarner, a privately owned company based near Cologne which had 2009 revenues of £10 million and gross assets of £5 million, and which further strengthens our German workwear business.

These acquired businesses are already profitable and cash generative, and the Group has well-developed plans to increase both sales and margins. We expect the acquisitions to provide modest earnings enhancement during the integration period in 2010 and to meet the Group's return targets from 2011.

Peter Ventress, CEO of Davis commented,
“We continue to focus our resources on growing those segments of our business which offer the highest growth and margin opportunities. Facility services and workwear are both higher growth sectors in Continental Europe, with Germany and Scandinavia being strategically important regions for us. Our excellent cashflow and strong balance sheet have enabled us to take advantage of these two opportunities to expand our market presence in these areas.”

The Davis Service Group Plc

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