Tools, equipment and plant hire services, Speedy, has announced the acquisition of training provider Geason Holdings Limited
Geason is a leading provider of construction and professional services training across the UK, operating from a head office in Glasgow, with over 1,100 apprentices and 500 NVQ learners currently on programmes.
Geason’s unaudited accounts for the twelve months to 31 October 2018 reported revenue of £8.3m, EBITA of £1.7m and gross assets of £2.6m.
Cash consideration paid on completion amounted to £9m with net cash assumed of £300,000. Contingent consideration of up to £26m may be payable in cash based on a multiple of 3.25x EBITA, dependent on the combined performance of Geason and Speedy’s training business in the three years post-acquisition.
The acquisition will allow Geason to better support its customers in training and developing their staff and accelerate the growth of Speedy’s services businesses.
Commenting on the acquisition, Russell Down, Chief Executive of Speedy, said: “This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK. I warmly welcome Ian, Robert and Geason employees to Speedy.”