BES Group to target further M&A growth after double acquisition
Tue, 20 Dec 2022 | BUSINESS SALE
Testing, inspection, certification and compliance firm BES Group has said it will target further M&A and organic growth after completing a double acquisition. The Manchester-headquartered company has acquired Strainstall UK and Mimic from Cumbria-based marine services firm James Fisher and Sons.
The two companies have been sold to BES Group in a deal that could rise to £17.5 million. The group will pay an initial £13.6 million cash consideration, with a further cash consideration of up to £3.9 million payable in Q1 2023 based on the performance of the companies in the fourth quarter of 2022.
Mimic provides intelligent condition and performance monitoring services, primarily to clients within the maritime sector, while Strainstall UK provides load and asset monitoring services for both onshore and offshore operations.
The acquisitions mark the ninth and tenth M&A deals struck by BES Group since 2019, as well as its fourth and fifth acquisitions of 2022. Looking forward to 2023, the company has said that it will continue to aim to grow both organically and via M&A.
BES Group Chief Executive John Campbell said that the group was “absolutely delighted” to be growing through further acquisitions. Campbell added: "Both Strainstall UK and Mimic businesses, bring with them a group of highly skilled people to complement our existing colleagues. We know that both businesses will have a successful future as part of the BES Group, strengthening our solution offerings, in the area of Asset Reliability."
Regarding the group’s growth plans going forward, Campbell continued: "This is an exciting time for both sets of customers and all our people. Growth by acquisition is an important part of the future growth of our organisation, alongside organic growth, and welcoming two more brilliant businesses to our group is a great way to end the year."
Headquartered in Manchester and with a testing laboratory in Salford and training centre in Warrington, BES Group is a highly acquisitive firm that has grown both organically and through M&A deals to have a team of over 1,200 people.
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