Galliford Try PLC has snapped substantially all of nmcn’s water business including the specialist water process and control businesses Nomenca and Lintott for an aggregate consideration of GBP1mln in cash.
Bill Hocking, Galliford Try’s chief executive, said: “This acquisition is an excellent strategic fit with our existing business and will accelerate the growth of our successful environment division, providing work with new clients and increasing our capabilities.”
nmcn entered administration on Monday (4 October) since when its businesses have started to be sold off piecemeal.
The water business generates annual revenue of approximately GBP100mln and the transaction is expected to be immediately earnings enhancing, before transaction and restructuring costs.
For the year ended 31 December 2019, the last audited set of results, nmcn’s water segment generated an underly8ing operating profit of GBP7.6 million on turnover of GBP282.6 million.
It works with UK water utility companies to build and maintain water and wastewater treatment systems.
“Its geographic coverage, customer relationships and technical capabilities are all highly complementary to Galliford Try’s existing operations,” said the statement.