Published by Insider Media
GALLIFORD TRY SWOOPS FOR 900-STRONG NMCN DIVISION
A deal has been agreed for Galliford Try to acquire the majority of nmcn's water division, including the specialist water process and control businesses Nomenca and Lintott. Approximately 900 nmcn Water employees will join Galliford Try as part of the transaction.
nmcn Water works with UK water utility companies to build and maintain high-quality water and wastewater treatment systems. Its geographic coverage, customer relationships and technical capabilities are all highly complementary to Galliford Try's existing operations.
The water business generates annual revenue of approximately £100m. The transaction has been implemented by way of an administration sale.
Galliford Try is acquiring the business for £1m from nmcn plc (in administration) and nmcn Sustainable Solutions Ltd (in administration).
In addition to the purchase price, Galliford Try anticipates that it will have to fund certain contractual liabilities incurred prior to the completion date, which will be necessary to provide operational stability to the water business.
Bill Hocking, chief executive of Galliford Try, 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. This is a very exciting time as we deliver our Sustainable Growth Strategy and I look forward to a bright future for our collective team."
The administration of nmcn plc and nmcn Sustainable Solutions is being handled by Grant Thornton.
A deal was earlier revealed for the sale of the telecoms, plant hire, transport and accommodation business divisions of nmcn, safeguarding 680 jobs. SVELLA, a privately funded investment vehicle, is acquiring those divisions.