Styles&Wood buys GDM

Sale-based property services firm Styles&Wood Group plc said it acquired Kent-based specialist mechanical, electrical and environmental consultancy The GDM Group Limited for an initial payment of £4 million in cash and shares and “up to £3.1 million payable as deferred consideration.”

Styles&Wood said the acquisition will enhance its expertise in engineering and professional services and will provide opportunities to broaden its work with new and existing clients.

GDM is headquartered in Dartford and employs more than 50 staff.

Styles&Wood said that in the unaudited financial year ended April 30, 2016, GDM delivered revenues of £7.9 million and underlying pre-tax profits of £1 million.

Styles&Wood expects the acquisition to be earnings enhancing from full-year 2017.

Styles&Wood CEO Tony Lenehan said: “There is a clear trend in the market towards multidisciplinary service provision for blue-chip clients, and this acquisition builds upon the strength of both businesses, as experts in project delivery in live environments.”