Augean, the waste management business that specialises in North Sea oil and other industries, has taken over Hull-based Colt Holdings and its wholly owned subsidiary, Colt Industrial Services.
Colt was established more than 25 years ago, and specialises in waste management, tank cleaning and high-pressure jetting, asbestos removal and tanker haulage. It has been bought for £9.2m, net of £4.5m of cash acquired and with no borrowings.
Its customers include major industrial companies, oil refineries, rail and utilities, which complement Augean’s Industry & Infrastructure and Augean North Sea Services businesses.
Augean says the acquisition enhances its offering with:
- UK-wide coverage of specialist industrial services
- customer relationships with top-tier companies that require hazardous waste disposal
- a fleet of complementary specialist vehicles and equipment
Dr Stewart Davies, chief executive (pictured), said: “The acquisition is immediately earnings-enhancing and creates synergies with our existing service offering, enabling the group to address a wider breadth and depth of client needs and adding new top-tier clients.
“It also accelerates our strategy to grow shareholder value by developing sustainable market positions and providing customers with innovative solutions.”
In March Augean reported increased revenue and profit before tax on the back of strong performance of its North Sea, energy and construction activities.