AMEC acquires environmental engineering consultants Entec for £61.2m

AMEC acquires environmental engineering consultants Entec for £61.2m

International engineering and project management firm, AMEC (LSE: AMEC) has announced its acquisition of Newcastle-based environmental engineering consultancy Entec for an initial cash payment of£61.2 million. The FTSE100 constituent bought the Entec from investment company Growth Capital Partners on a cash free/debt free basis and further payments may be made, subject to Entec’s performance.

"Acquiring Entec Holdings Ltd is another important step in our strategy of enhancing our water and environmental consulting capabilities internationally", president of AMEC Earth & Environmental division, Roger Jinks, commented. According to AMEC, Entec has a strong position in the water services and wastewater sector, and the acquisition will strengthen AMEC's relationships with existing customers as well as provide access to new ones.

Entec will form part of AMEC’s Earth & Environmental division. The company believes the acquisition will be immediately earnings enhancing, and it is expected to meet its weighted average cost of capital in the first full year post acquisition.

Entec also provides renewable, nuclear and other energy services, industrial engineering, contaminated land and regeneration services, environmental planning and project management services. Its customers include government, utility and private sector companies. Entec currently has approximately 700 employees and 14 offices across the United Kingdom.

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April 04 2013

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