ELS sold to Brulines in £700,000 deal
Who:
Energy Level Systems (ELS), the UK distributor of OPW Fuel Management Systems based in Market Harborough.
Did what:
Has been sold to the Brulines Group by Astoncrest Consultants for an initial £700,000.
What does this mean:
The news has also triggered a further deal: before completion, ELS will acquire the tank lining, liquefied petroleum gas and forecourt services businesses of Graphite UK, also based in Market Harborough. Richard Quarmby, majority shareholder of Astoncrest, will join Brulines’ forecourt service division as business development director, reporting to Phil Maud, managing director.
Who advised:
Cenkos Securities acted for the Brulines Group.
Insider comment:
The initial consideration for the acquisition of ELS, which will take effect from 6 April 2010, is £700,000 payable in cash, with further deferred consideration of a maximum of £1,350,000 payable dependent on earnings milestones for the two years ending 31 March 2012.
ELS was established in December 2008 to acquire the OPW Fuel Management Systems distributorship. ELS accounts to 31 January 2010 show that it recorded an adjusted EBIT of £59,000 on a turnover of £724,000.
