Tilbury Douglas is acquiring Building & Property in the UK for 74.8 million, adding another consolidation to the facilities management market. The companies say the acquisition offers a number of operational and strategic benefits, including complementary and integrated service, as well as the scope of cross selling, PFI (Private Finance Initiative) opportunities, and expansion into overseas markets. Under the terms of the acquisition, Tilbury Douglas will assume Building & Property’s net debt of 10.2 million at completion.
Tilbury Douglas is an international construction and support services group with more than 8,000 employees. It had gross revenues (turnover) of over 769 million in 1999, with pre-tax profits of 35.3 million. The group offers services mainly in the areas of support, equipment, and construction. Facilities services include Interserve, acquired in 1998. Tilbury Douglas’ recent contract wins include the maintenance of BT buildings, worth 200 million over five years, and facilities services for Eli Lilly, valued at 19 million, also over 5 years. It also serves as an equity partner in PFI projects, including Sheffield Schools, worth 240 million over 27 years. B&P employs around 2,400 people, and had gross revenues (turnover) in 1999 of 194.6 million, with earnings of 5.7 million.
Based on a report from i-FM
