Northbridge Industrial Services plc Acquires Crestchic
Northbridge Industrial Services plc, the industrial services and rental company, today announces the acquisition of Crestchic (Asia-Pacific) PTE Ltd ("CAP") by its wholly owned subsidiary Northbridge Asia-Pacific and a Placing of 1,561,700 new Ordinary Shares in the Company, to raise approximately £6.17 million before expenses.
- Agreement for the acquisition of CAP for a maximum consideration of S$13.25 million (£6.63 million) to be funded by a combination of the Placing and the Group's cash resources.
- CAP is an independent distributor of Crestchic loadbank products. Based in Singapore, it specialises in the sale and rental of loadbanks and transformers, with customers mainly in Singapore, and also in Malaysia, China, Vietnam, Japan and Australia.
- The Acquisition will enhance Northbridge's presence in the Asia Pacific region, in which it has operated since 2011, and will also re-unify the well-recognised Crestchic brand globally within the Northbridge group.
- Placing of 1,561,700 new Ordinary Shares by Westhouse Securities Limited with new and existing institutional investors at 395 pence per share, which represents a discount of approximately 3.2 per cent. to the closing mid-market price on 12 September 2013, to raise approximately £6.17 million before expenses.
|Number of Existing Ordinary Shares (excluding treasury shares)||15,640,653|
|Number of Placing Shares||1,561,700|
|Expected net proceeds of the Placing receivable by the Company||£5.71 million|
|Number of Ordinary Shares in issue immediately following Completion (excluding treasury shares)||17,202,353|
|Number of new Ordinary Shares expressed as a percentage of the Enlarged Share Capital (excluding treasury shares)||9.1 per cent.|
Commenting on the proposed Acquisition and the Placing, Eric Hook, Chief Executive of Northbridge said:
"On behalf of the Board, I am delighted to announce the acquisition of Crestchic (Asia-Pacific) today. The Acquisition represents a further step in the strategic growth and development of Northbridge and is in line with our strategy of acquiring specialist businesses in niche sectors which are capable of further organic growth. We have been looking to acquire CAP for a considerable time and the outcome today is an important development for Northbridge, significantly increasing our presence in the all-important Asia Pacific market.
I am also pleased to announce the completion of our successful Placing which has been strongly supported by existing and new shareholders. I would like to thank our investors for their support as we continue to grow and develop Northbridge."