Interserve completes £250m takeover of Initial Facilities
Interserve has today completed its acquisition of Initial Facilities, announced last month, for £250m cash.
Interserve shareholders voted in favour of the transaction at a general meeting yesterday (17th March).
Initial Facilities comprises the facilities services businesses of the Rentokil Initial Plc group, employing approximately 25,000 people in the UK, Ireland and Spain.
Initial Facilities last year had revenues of £542.2m (2012: £563.9m) and operating profit of £8.8m (2012: £15.9m). It has gross assets on its books of £229.6m.
Interserve chief executive Adrian Ringrose said: "We are building upon the strength of both companies to create a truly outstanding proposition for our customers, employees and shareholders. Interserve, as a top three player in the market by revenue, now has a more balanced portfolio of clients between the public and private sector, and a greater breadth of services and capabilities by which to grow our presence across the UK facilities management market.
“We have a well-developed integration and alignment process which we will now be implementing, and we look forward to providing a further update at our interim results in August."
The deal was announced on 28th February 2014. See our previous report here: http://www.theconstructionindex.co.uk/news/view/interserve-to-buy-rentokils-fm-business
- Click here to return to the previous page
- Subscribe to our free construction newsletters
- Buy & Sell Construction Plant Machinery online with TCiTrader.co.uk. Find new, used & reconditioned Construction Equipment. Click here to view Construction Equipment Classifieds.
Download our free construction news iPhone / iPad app. Sign up to our FREE email newsletters or subscribe to our RSS feed for regular updates on the latest Construction News, Plant News, Contract News & Supplier News. The Construction Index also provides the latest Construction Tenders, Construction Market Data & Construction Law Commentary all FREE.
This article was published on 18 Mar 2014 (last updated on 24 Mar 2014).