News - Midlands
Southern Bear acquires IPCL
Support services group Southern Bear, based in Leamington Spa, has acquired Tyne & Wear’s Intumescent Protective Coatings Ltd (IPCL) for a consideration of up to £4.83m based on IPCL’s cash and net asset positions at completion. IPCL, which provides fire and corrosion protective coatings for steel structures, had a pre-tax profit of £1.04m for the year ending 31 July 2009. Southern Bear will place 33,600,000 shares on 21 December to raise £420,000.