THE piecemeal sale of RCR Tomlinson continues with its energy business being sold to The Environmental Group Limited via administrators McGrath Nicol, announced today.
It will be funded from EGL's existing debt facilities and will complete within the first half of the month, with no purchase price given at the request of McGrath Nicol until the end of this month.
EGL says the business has "a strong track record of profitability" and the buy is earnings per share accretive "on a full year basis" excluding one off costs such as integration.
It "will provide EGL with a recurring revenue stream to balance the project based on revenue of EGL's Baltec and TAPC division," the company said this morning.
EGL purchased Baltec IES last year, announcing a memorandum of understanding in August and acquisition completion in December.
The main point of this new buy is to progress the company's plans for what it calls a "bio / waste to energy platform" given it will be acquiring tech that allows a combination of gasses and waste energy sources to be used to produce electrical power or steam.
It will also help EGL establish a footprint in all states "and build an environmental business to improve air quality, reduce carbon emissions, enhance waste-to-energy and lift water quality".
EGL has said it will absorb the current staff.
Source: Energy News Bulletin
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