LONDON, UK: The boards of Aggreko Limited and Crestchic Plc have reached settlement on the phrases and conditions of a recommended money offer to be made by Aggreko for the entire issued and to be issued ordinary share capital of Crestchic.
Under the phrases of the offer, Crestchic shareholders will be entitled to receive: 401 pence in money for every ordinary share. The offer values the entire issued and to be issued ordinary share capital of Crestchic at roughly £122 million representing an implied enterprise worth of roughly £122 million.
Commenting on the Offer, Mike Smith, Chairman of Aggreko said: “Crestchic is a world-class enterprise working in an attractive and specialised space of the energy reliability market.
In Aggreko, Crestchic will have a supportive and well-capitalised proprietor who shares Crestchic’s desire to execute against its long-term imaginative and prescient of offering options aligned with the altering necessities of our customers.
We look ahead to Crestchic becoming a half of the Aggreko Group to present the best platform for success for Crestchic’s customers, employees and wider stakeholders”.
Crestchic is a market chief within the energy reliability sector, manufacturing and supplying mission critical industrial equipment throughout the world. Crestchic’s specialist electrical equipment is designed to meet the rising wants of the brand new economy – data pushed and dependent upon dependable electrical energy infrastructure from more and more renewable and cleaner energy generation sources.
Aggreko Limited is one of many global market leaders in delivering energy and temperature management solutions.
Working on the forefront of a quickly altering energy market, Aggreko provides customers with sector-specific, cost-effective and versatile options (including power, heating and air conditioning). Aggreko has greater than fifty five years of operational experience, over 5,500 everlasting employees and 159 gross sales and repair centres throughout the globe to support its customers throughout sixty nine countries.
In August 2021 Aggreko was acquired by funds managed by TDR and I Squared. TDR and I Squared have a confirmed track record and deep experience in investing in energy and energy transition infrastructure and equipment rental companies which generate stable money flows in attractive markets supported by rising demand.
Aggreko Limited has a enterprise precedence so as to add new capabilities through M&A. Crestchic’s enterprise is well-aligned with Aggreko’s overarching goal of supporting its customers through the energy sector’s transition to extra renewable sources of energy.
Aggreko has a complementary product offering and the addition of Crestchic Plc to the Aggreko Group will assist speed up Aggreko’s plan to focus on high-growth attractive end-markets such as renewable energy and data-centres.
Aggreko, and its shareholders, are excited by the alternatives Crestchic Plc is addressing and believe that the support of the Wider Aggreko Group will allow Crestchic to speed up and de-risk supply of its strategy. Aggreko believes that securing Crestchic’s future in a group with a well-aligned technique is the best path ahead for Crestchic’s employees, customers and wider stakeholders.
Peter Harris, Executive, Chairman of Crestchic, said: “The Crestchic Board is happy with the appreciable progress made by the Company following the implementation and supply of its refocused strategy, and believes that Crestchic has the potential to generate significant worth for shareholders within the long-term.
However, the Board recognises that Crestchic, as a comparatively small business, could speed up its growth and shareholder worth creation by combining with a considerably bigger participant in associated global markets.
The Offer of 401 pence per Crestchic share in money represents an attractive, immediate premium for shareholders, and I am assured that under Aggreko’s accountable long-term stewardship the enterprise will proceed to thrive.”