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Bids, Mergers and Takeovers

Exova acquires Insight

06 December 2016 09:33

Exova Group has completed two transactions that continue its programme of building value in its laboratory network.

In the UK, Exova has acquired Insight NDT Limited, a South Yorkshire-based non-destructive testing (NDT) and radiographic inspection business. Insight is at the forefront of the NDT market in the UK, providing its specialist services to the industrial sector since 1997.

Insight's reputation is built on consistently providing high quality, high capacity and fast turnaround radiographic inspection services for manufacturers of specialised castings and forgings within the industrials market, as well as providing testing for the nuclear, medical, rail and oil & gas sectors. The business has an experienced team of 20 specialists and achieved revenues of around £2m in 2015.

In Canada, Exova has completed the sale of its Environmental East business to international life sciences company, Eurofins, for a cash consideration of around C$13m. The sale consists of a portfolio of five well-established, accredited laboratories and two depots across the Eastern provinces of Ontario and Quebec. These provide testing services across a wide range of activities including drinking and waste water analysis, soil testing, ambient air quality testing, asbestos testing, eco-toxicity testing and stack sampling. Exova's Environmental testing business in Eastern Canada generated revenues of around C$19m in 2015.

Chief executive Ian El-Mokadem said: "These transactions provide more evidence of our intention to continue to focus our resources on building and strengthening our market leading positions in the provision of technically demanding services. We aim to continue to grow our business organically and remain confident of our ability to strengthen our business with further well executed acquisitions."

At 9:33am: (LON:EXO) Exova Group Plc share price was +4.13p at 188.88p

Story provided by StockMarketWire.com

Related Company: EXO

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