Walker Morris advises Fulcrum on second acquisition in two months

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28/03/2018

Fulcrum announces acquisition of CDS on back of strong trading performance

Walker Morris has advised Fulcrum Utility Services Limited, the UK’s market leading independent multi‐utility infrastructure and services provider, on its acquisition of CDS Pipe Services Limited for a total consideration of £1.4m.

CDS is a utility business that provides a range of specialised engineering services. Fulcrum has previously subcontracted such specialist elements of its projects to CDS and this acquisition brings these engineering capabilities in-house to further strengthen the Company’s direct delivery capabilities.

The consideration will be satisfied through a mix of cash and 671,142 new ordinary shares in Fulcrum issued to the vendors of CDS.

Walker Morris fielded a multidisciplinary team to provide comprehensive specialist advice. The Team comprised: Richard Naish and Luke Riley (Corporate), Andrew Rayment and Lorna Hopps (Employment), Andrew Maclean (Real Estate), Rachel Turnbull (Regulatory & Compliance) and Alan Harper (Intellectual Property).

Fulcrum also announced that it has performed strongly over the 12-month period ending 31 March 2018. The successful execution of the Company’s strategy gives the Board confidence that results will be in line with their expectations for the financial year ending 31 March 2018.

In February 2018, Fulcrum completed the acquisition of The Dunamis Group Limited a leading electrical infrastructure company, on which Walker Morris also advised.

Commenting on the acquisition Richard Naish said:

“Fulcrum continues to be successful and demonstrate strong leadership and financial management. As such we’ve been delighted to work with the management team again on this strategically important acquisition as it continues to build on its success.”

Martin Harrison, Chief Executive of Fulcrum, stated:

“The successful execution of the Company’s strategy continues to place Fulcrum in a strong financial and operational position. The recent acquisition of Dunamis and CDS announced today have enhanced our service offering and in-house capabilities, establishing and growing our market leading position in both infrastructure delivery and utility asset ownership. We remain confident in our outlook for the business”.

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