UK-based European supply chain management solutions group Wincanton plc today (May 29) announced the acquisition of Product Support Holdings Ltd (PSHL), a leading provider of logistics solutions in defence and aerospace markets, primarily in the UK.
Wincanton said PSHL was being acquired for an initial debt-free consideration of approximately £27m, with up to a further £3m payable subject to the financial performance of PSHL in the period to March 31, 2009. It said the acquisition would be financed from the group's existing committed banking facilities.
Wincanton described the acquisition of PSHL as "the latest in a series of in-fill acquisitions which are enhancing Wincanton's profitability, broadening its business base and generating incremental opportunity for medium and longer-term growth".
The group said that in the twelve months to March 31, 2008, PSHL had reported, on a pro-forma basis, turnover of approximately £19.4m, EBITDA of approximately £3.6m and EBIT of approximately £3.4m. Net assets at March 31, 2008 were approximately £3.1m.
Wincanton said PSHL operated from 25 support centres, mostly in the UK, and employed 422 people. The customer portfolio included AgustaWestland, BAE Systems and Honeywell. "PSHL provides a range of logistics and support solutions tailored primarily to the defence and aerospace industries," it stated.
"PSHL's core expertise lies in the management of time-critical spare parts and components. Its services include specialised storage, protective packaging design and manufacture, security screening and distribution. Wincanton believes there is scope to develop these areas of expertise into new sectors. PSHL has already had initial success with new business wins in the petroleum industry."
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