AIM-listed Green Compliance plc which provides water, fire and pest control & compliance services to UK companies, has announced a further acquisition within the pest control sector.
On 14 November 2010 Green Compliance completed the acquisition of the entire issued share capital of Northamptonshire-based Pestfree Environmental Services Limited. Pestfree was acquired for a total consideration of £1.625 million (including a directors’ loan note of £55,000) payable in cash, funded from the proceeds of the company’s recent issue of equity.
Pestfree, founded by Sam Osili who died suddenly earlier this year – click here for details – has traded since 2000 and provides a combined pest control and food safety offering, including hygiene services, environmental and training services. The company services a number of multi-site operations across food manufacturing and distribution together with the hospitality and leisure sectors. Pestfree is based in Rusden, Northamptonshire and has 37 staff.
For the financial year ended 31 March 2010 Pestfree reported sales of £1.4 million, adjusted EBIT of £344,000. Net assets were £83,000.
Whilst the senior management team will remain with the business post completion, the vendor, Caroline Osili will leave to pursue other interests. The business will be integrated into Green Compliance’s existing pest operations with the intention to maximise potential productivity and operational efficiencies within the combined group.
Commenting on the acquisition John Prowse, CEO of Green Compliance, said: “The acquisition of Pestfree further highlights the intention of the board to deepen our position within the national pest control sector. It is also in line with our successful strategy to expand our focussed growth within the ‘blue collar’ compliance marketplace.
“We are delighted to welcome our colleagues from Pestfree to Green Compliance. Pestfree brings with it a high quality client base which will enable further integration and productivity benefits to be achieved within the enlarged pest division.”
Additions to the Green Compliance board
Kevin joins the Board having worked with John Prowse, Chief Executive of Green, in the Compliance Division of Connaught plc. Prior to Connaught, Kevin left De La Rue plc in 2006 after ten years (latterly as Director of Strategy and Marketing and Regional Managing Director) to set up an independent consultancy firm.
Ted, 59, brings a wealth of highly relevant support services experience to the board following a 26 year career at Rentokil Initial plc, where he was an Executive Director on the main board and held positions as managing director (UK/Europe), chief operating officer and latterly sector managing director.