Carr's Group plc, the Agriculture and Engineering group, is pleased to announce it has acquired 100% of ESI Holding Company, Inc., the holding company of USA based engineering company NuVision Engineering, Inc. (“NuVision”), for an initial cash consideration of $11.5m (£8.8m) and a total cash consideration of up to $20m (£15.4m) dependent on future financial performance. The initial consideration will be financed through a combination of new and existing debt facilities, and the contingent consideration will be financed from NuVision's future retained earnings.
The acquisition provides a strong foothold into the main nuclear markets in the USA and will enable revenue synergies with the Group's existing nuclear engineering businesses, including the opportunity to market Wälischmiller's products in the USA. It will also extend the Group's service capability in the nuclear market due to the complementary nature of NuVision's product range. NuVision will also act as a key supplier under a major nuclear contract signed on 20 July 2017 and being delivered by our UK Manufacturing business in the next financial year.
It is in line with the Group's stated strategy of growing our international footprint, focussing on growth markets with significant potential and to be at the forefront of innovation and technology.