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Thu February 27 2020

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Styles&Wood buys M&E firm

9 Jan 17 Fit-out contractor Styles&Wood has paid an initial £4m to buy mechanical, electrical and environmental consultant The GDM Group.

Styles&Wood chief executive Tony Lenehan
Styles&Wood chief executive Tony Lenehan

Styles&Wood said that the acquisition would enable it to offer broader services. The two companies have collaborated recently on a framework agreement, which led to takeover discussions.

All 50+ GDM staff are joining Styles&Wood.

GDM Partnership is based in Dartford, Kent. It was formed in 1990 by Gary Draper and David Moseby and incorporated in 2001. Last year it turned over £7.9m and made an underlying pre-tax profit of £1.0m.

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Under the deal, Styles&Wood has paid a £2.325m in cash and the remainder in loan nots and shares. Up to £3.1m more could be paid in cash, subject to performance of the acquired business over the next three years.

Styles&Wood chief executive Tony Lenehan said: “We are delighted to announce the acquisition of GDM. There is a clear trend in the market towards multidisciplinary service provision for blue-chip clients, and this acquisition builds upon the strength of both businesses, as experts in project delivery in live environments. Styles&Wood has a proven diversification strategy which has enhanced our client relationships across our focus sectors.  The acquisition of GDM further reinforces our strategic vision and will enable us to widen our service offering to both existing and new customers, and create new sustainable business opportunities for the group as a whole.

“As demonstrated by our recent successful collaboration with GDM on a new framework agreement, we have been very impressed with the team's engineering excellence and strong customer base, and look forward to GDM becoming part of the enlarged group."

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