LONDON: Northern Bear announced the acquisition of Lister Holdings (York) Limited and its wholly owned subsidiary J Lister Electrical Limited.
J Lister is an electrical contracting business based in York, established in 1973. J Lister has an established customer base and offers significant growth potential, via both organic expansion of the existing business and cross selling with other Northern Bear Group companies.
For the year ended 31 March 2019, J Lister achieved revenue of £2.5m and profit before tax of £0.28m. The Acquisition is expected to be earnings enhancing for Northern Bear. Initial and deferred consideration of £0.95m, including the issue of £0.1m in ordinary shares in Northern Bear, with a further earn-out payment of up to £0.3m in cash, dependent on profits in excess of historical levels.
Steve Roberts, Executive Chairman of Northern Bear, commented: “I am delighted to announce the acquisition of J Lister. We have looked at a large number of opportunities since our last acquisition, being that of H Peel & Sons (Holdings) Limited and its subsidiary, in July 2017. We have now acquired a well-established, consistently profitable and cash generative business with a strong management team committed to remaining with the business. In addition, J Lister has a number of opportunities for expansion and to cross-sell with our existing Group companies. I would like to welcome all of the J Lister employees to our Group and we look forward to working with them.”