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22nd August 2011
23 August 2011
Engineering and construction group Costain has bought industrial support services business Promanex for £16.4 million.
Promanex provides facilities management, installation, repair and maintenance, and general asset management in a number of high growth, specialist markets, including power, petrochemicals and nuclear.
Around 75 per cent of the company's revenue is generated from long-term contracts and the business has a robust order book and strong pipeline of opportunities, according to a statement from Costain.
The acquisition of 100 per cent of the issued shares in the company is being funded from Costain's cash resources.
Based in Warwickshire, Promanex operates across the UK and Ireland with a workforce of more than 800 maintenance employees. Clients are mostly major blue chip customers, including Phillips, EDF, E.ON, Magnox, RWE, Scottish and Southern Energy, Siemens and Total.
The business provides management, operation, maintenance and repair of customers' sites and plant assets. Services include hard and soft FM, water treatment and civil and industrial services - specialist industrial cleaning and outage support, power station materials handling, bi-product systems and emission treatment systems.
For the year ended 30 September 2010, Promanex reported revenue of £56.2 million with an operating profit of £1.8 million. Gross assets as at 30 September 2010 were nearly £21 million.
Promanex, to be integrated into Costain's infrastructure division, will retain its management team "to ensure a successful integration and continued growth in the business", the statement noted.
Other news for Tuesday, 23 August 2011:
Costain picks up M&E provider Promanex
Balfour Beatty buys up fit-out firm OPL
Aliance wins four school catering extensions
Sainsbury’s and Arcus renew FM deal
UK plc positive about future
Where’s your caravan?http://http//www.bifm.org.uk/bifm/blog/1/81
Engineering and construction group Costain has bought industrial support services business Promanex for £16.4 million.
Promanex provides facilities management, installation, repair and maintenance, and general asset management in a number of high growth, specialist markets, including power, petrochemicals and nuclear. Around 75 per cent of the company's revenue is generated from long-term contracts and the business has a robust order book and strong pipeline of opportunities, according to a statement from Costain.
The acquisition of 100 per cent of the issued shares in the company is being funded from Costain's cash resources.
Based in Warwickshire, Promanex operates across the UK and Ireland with a workforce of more than 800 maintenance employees. Clients are mostly major blue chip customers, including Phillips, EDF, E.ON, Magnox, RWE, Scottish and Southern Energy, Siemens and Total.
The business provides management, operation, maintenance and repair of customers' sites and plant assets. Services include hard and soft FM, water treatment and civil and industrial services - specialist industrial cleaning and outage support, power station materials handling, bi-product systems and emission treatment systems.
For the year ended 30 September 2010, Promanex reported revenue of £56.2 million with an operating profit of £1.8 million. Gross assets as at 30 September 2010 were nearly £21 million.
Promanex, to be integrated into Costain's infrastructure division, will retain its management team "to ensure a successful integration and continued growth in the business", the statement noted.
Other news for Tuesday, 23 August 2011:
Costain picks up M&E provider Promanex
Balfour Beatty buys up fit-out firm OPL
Aliance wins four school catering extensions
Sainsbury’s and Arcus renew FM deal
UK plc positive about future
Where’s your caravan?http://http//www.bifm.org.uk/bifm/blog/1/81