For immediate release
Monday, 7 January 2013
Keller Group plc
Acquisition of Geo-Foundations Contractors, Inc. (Canada)
Keller Group plc ("Keller" or "the Group"), the international ground
engineering specialist, announces that the Group has acquired Geo-Foundations
Contractors, Inc. ("Geo-Foundations"), a Toronto-based specialist geotechnical
The consideration, paid in cash from the Group's existing facilities, was
C$9.2m (£5.7m), including an estimated C$0.6m (£0.4m) of acquired net debt.
Geo-Foundations principally serves eastern Canada, where it offers design-build
solutions to the construction and mining industries. It has built a strong
engineering reputation and has grown its revenue to around C$20m (£12.4m) in
2012. The business specialises in micro-piling, ground anchors, and specialty
grouting services which, whilst well established in the US, are still
relatively new to the Canadian market. A combination of increasing market
acceptance of these techniques in Canada, along with the introduction of ground
improvement techniques and assistance from Keller's existing US business, is
expected to fuel significant growth over time.
Commenting on the acquisition, Justin Atkinson, Chief Executive of Keller,
"Keller has worked in partnership with Geo-Foundations on a number of projects
in recent years, building a relationship of mutual respect. I am confident
that, together, we are well-positioned to fully exploit the opportunities in
this attractive market.
"This acquisition builds on our strong track record of expanding into higher
growth geographic regions through both organic growth and targeted
For further information, please contact:
Keller Group plc www.keller.co.uk
Justin Atkinson, Chief Executive 020 7616 7575
James Hind, Finance Director
Finsbury 020 7251 3801
James Leviton/Rowley Hudson
Note to Editors
Keller is the world's largest independent ground engineering specialist,
providing technically advanced and cost-effective foundation solutions to the
construction industry. With annual revenue of around £1.3bn, Keller has
approximately 7,000 staff world-wide.
Keller is the market leader in the US and Australia; it has prime positions in
most established European markets; and a strong profile in many developing
-0- Jan/07/2013 07:00 GMT
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