Pestfree bought for £1.6m
Northamptonshire-based Pestfree Environmental Services has been bought by Cirencester-based Green Compliance.
Green Compliance provides water, fire and pest control and compliance services to UK companies.
John Prowse, CEO of Green Compliance, said: "The acquisition of Pestfree further highlights the intention of the board to deepen our position within the national pest control sector. It is also in line with our successful strategy to expand our focussed growth within the 'blue collar' compliance marketplace."
Pestfree was acquired for a total consideration of £1.625m, including a directors' loan note of £55,000, payable in cash, funded from the proceeds of the company's recent issue of equity.
Pestfree has traded since 2000 and provides a combined pest control and food safety offering, including hygiene services, environmental and training services. The company services a number of multi-site operations across food manufacturing and distribution together with the hospitality and leisure sectors. Pestfree is based in Northamptonshire and has 37 staff.
For the financial year ended 31 March 2010, Pestfree reported sales of £1.4m, adjusted EBIT of £344,000. Net assets were £83,000.
The senior management team will remain with the business post completion but the vendor Caroline Osili is to leave to pursue other interests.
The business is to be integrated into Green Compliance's existing pest operations.
