Speedy acquires training business
By Euan Youdale14 December 2018
Speedy has acquired UK construction and professional services training company Geason Holdings.
The UK-based rental company bought the entire issued share capital of Geason Holdings from Ian and Robert Kilpatrick and connected family trust companies.
Geason operates from a head office in Glasgow, with more than 1,100 apprentices and 500 NVQ learners on its programmes. It reported revenue of £8.3m (€9.2 million) in the 12 months up to 31 October 2018, along with EBITA of £1.7m (€ 1.9 million) and gross assets of £2.6m (€2.9 million).
Speedy said the cash consideration paid on completion was £9m (€10 million), with net cash assumed of £0.3m (€0.33 million). Up to £26m (€28.9 million) may be payable in cash based on a multiple of 3.25 x EBITA, depending on the combined performance of Geason and Speedy’s training business in the three years post the acquisition.
Russell Down, chief executive of Speedy, said, “This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK. I warmly welcome Ian, Robert and Geason employees to Speedy.”