AMEC Takes Reins at Entec Holdings
|Tuesday, March 30, 2010
AMEC announced the acquisition of Entec Holdings from its owner-managers and investors, Growth Capital Partners, for an initial consideration of $92 million. The acquisition has been made on a cash free/debt free basis and the consideration has been settled in cash. Further payments may be made, subject to retention and performance.
The acquisition is fully aligned with AMEC's Vision 2015 strategy of assured growth; Entec broadens the Earth & Environmental division's geographic footprint in Europe and it also strengthens its capabilities in the water and energy sectors. The acquisition is expected to be earnings enhancing immediately, and to meet its weighted average cost of capital in the first full year post acquisition.
"Acquiring Entec Holdings is another important step in our strategy of enhancing our water and environmental consulting capabilities internationally," said Roger Jinks, President of AMEC's Earth & Environmental division.
Elaine Moore, Executive Vice President Europe and United Kingdom, AMEC Earth & Environmental, added, "The addition of Entec's high quality people significantly enhances our position in the water sector around the world. The acquisition also supports AMEC's goal of strengthening the Earth & Environmental division's footprint in Europe."
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