Siteserv plc to acquire UK’s Deborah Services for £48.2 million

Source: Construction Digital

Date :04/02/2008 09:19:54

Dublin-listed firm Siteserv has announced that it is to acquire contract scaffolding and services company Deborah Services for up to £48.2 million, subject to conditions.

Siteserv has said that, due to the size of the Deborah Services deal and under IEX and AIM rules, it will have to be approved by the company’s shareholders. An EGM will be held later this month in Dublin.

Deborah is a multi-discipline contractor to the petro-chemical, power generation, civil engineering and building industries in the UK. It also has a scaffolding service and is one of the UK's largest providers in the hire and sale of non-mechanical plant and access equipment.

‘Market leader’

“The acquisition will provide Siteserv with a significant and immediate presence in the UK where Deborah Services is one of the market leaders,” said Siteserv's CEO Brian Harvey on the news.

“The acquisition is also consistent with Siteserv’s strategy of replicating its existing business in the UK market. Finally the Acquisition will serve to greatly increase the percentage of the Group’s business that is derived from servicing the Infrastructure and Utility sectors while making significant inroads into the Multi-Discipline contracting sector in the UK,” he continued.

Siteserv will initially pay £43.2 million, with another £5 million due after certain conditions are met.

February 4, 2007