Corporate lawyers advise Augean on acquisition of Colt

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19/05/2016

A team of corporate lawyers from Walker Morris has provided corporate legal advice to specialist waste management business, Augean, on its acquisition of Colt Holdings and its subsidiary, Colt Industrial Services in a £13.95 million deal.

Based in Hull and established over 25 years ago, Colt provides a broad range of industrial services, which complement Augean’s existing service offering, to a range of customers including major industrial companies, oil refineries, rail and utilities.

Augean will pay an initial sum of £9.2m, net of £4.5m of cash acquired, with additional potential earn-out based payments of up to £4.75m, subject to Colt securing certain contracts.

Commenting on the deal John Hamer, Walker Morris corporate partner said:

“Augean is a long-standing client of the Firm and so it is particularly pleasing to help them on the acquisition of Colt which represents an excellent fit with Augean’s service portfolio.”

Dr Stewart Davies, Augean’s Chief Executive Officer, commented:

“We are delighted to announce the acquisition of Colt as we continue to strengthen Augean’s position in the UK hazardous waste management market. 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.”

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