Restore (AIM:RST) – big acquisition is well received
The UK office services provider has announced the material acquisition of the records management business of Wincanton plc. This is a significant acquisition for the AIM listed group extending its position as the second largest records management business in the UK.
Wincanton Records Management (“WRM”) is being acquired for an enterprise value of £60m with the consideration approximately £55.7m, which is after deductions for retained working capital of £2.4m and certain tax costs of £1.9m incurred by Wincanton plc. The Acquisition will be financed from funds raised by a placing of £34m at 260p per share (a small discount) and partly through new debt facilities of £80m.
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