TClarke plc, a building services group, has acquired Eton Associates Limited a London based privately owned control systems specialist offering a variety of Building Management Systems.
ETON specialises in installing and maintaining sophisticated building controls systems on complex office buildings. Recent projects ETON has been involved with include, 20 Fenchurch Street, Chiswick Park, One Canada Square, Bloomberg London, Lacon House and Angel Court.
TClarke has paid an initial cash consideration of £1.5 million, and a further £0.5 million will be released following agreement of the final completion accounts. A further £0.6 million will be payable subject to earnings targets being met in the two years to 4th August 2019.
For the year ended 31 May 2016 (the latest financial period for which audited results are available), ETON reported revenues of £9.5 million and a pre-tax profit of £0.3 million. As at 31 May 2016 it had gross assets of £3.2 million and net assets of £0.7 million.
ETON employs around 80 people and is currently based in London Docklands with a manufacturing plant in Essex. The intention is to co-locate the operations of ETON at TCLarke’s London Head Office at Moorgate and at their prefabrication facility at Stansted.
Mark Lawrence, CEO of TClarke commented, “We welcome the ETON team to TClarke and I am confident that the business will reach new potential as part of a larger group enabling them to build upon the scale and number of projects undertaken. Increasingly, our clients are demanding ever more sophisticated systems to control their buildings. With this acquisition we are able to deliver a joined up ability to meet these demands.“
Jamie Ward and Graham Millward were the two principal directors and owners of the business. Ward will remain with the business for a minimum of two years and Millward will remain available as a consultant to the business for a two-year period.
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