The North West's lucrative nuclear and petro-chemical markets were the driving forces behind the £14m takeover of Warrington-based specialist asbestos contractor Kitsons by publicly-listed Silverdell.
Danny Spicer, chief executive of Silverdell, commented: "We didn't have a North West office previously which was one factor but also it was very much to get a foothold in the nuclear and petro-chemical industries."
Spicer said it was vital that Kitsons' experienced management team, led by Andy Watson, remains in place. Peter Dolan, the vendor, remains with Kitsons on a part-time consultancy basis.
The audited accounts of Kitsons Environmental Europe Limited, Kitsons's trading subsidiary, for the year ended 31 December 2006 show turnover of £18.7m (2005: £16.6m), and gross profits of £1.7m (2005: £0.8m). The consideration of £14m payable at completion represents a multiple of 2006 gross profits of 8.2.
Kitsons provides asbestos removal, insulation and scaffolding services to the nuclear, petrochemical and retail sectors, among others. Kitsons's blue chip customer base includes oil majors, leading UK utilities, major building contractors as well as local authorities. Kitsons has a three-year asbestos licence and a hazardous waste carrying permit as well as ISO 9001, 14001 and 18001 accreditations. A significant proportion of Kitsons's revenue is underpinned by long-term agreements.
Kitsons has approximately 270 staff and is head quartered in Warrington with regional offices in Glasgow, Teesside and Birmingham and resident sites at Aldermaston and Pembroke.