Swedes acquire Multitech
Essex-based Multitech, provider of temporary electrics to UK construction sites, has been taken over by Swedish engineering group Sdiptech.
Although now under new ownership, Multitech Site Services will continue to be run by its founders Guy Scilly as managing director and Samantha Scilly as financial director, with David Rooney continuing as operations director.
In the financial year ending 31st October 2017, Multitech reported net sales of £10.4m and operating profit of £1.9m. The purchase price was not disclosed.
Guy Scilly said: “I am very pleased to welcome the Sdiptech group as the new owners of Multitech. I like their business philosophy, that we retain complete operational control, the shared values that we hold and the fact that their acquisition preserves not just the Multitech business but also our workforce who have contributed so significantly to our success."
Sdiptech chief executive Jakob Holm said: "Multitech has delivered successful projects for many years in temporary infrastructure. The company's focus correlates very well with Sdiptech’s, with a good mix of construction industry clients that are engaged in both public and private sector work. With the acquisition of Multitech, we take an additional step in our strategy to expand in London and the UK."