ClerkMaxwell provides front-end engineering and support services in the upstream oil & gas sector. Clients include Chevron, BG and ConocoPhillips.
Purchase price for 100% of the shares is an initial 拢3.2m, plus possible later payments, based on performance over the next three years.
The senior management team of ClerkMaxwell, all of whom were shareholders in the company, and the 50-strong workforce, will be integrated into the Costain鈥檚 energy & process division.
In 2010, ClerkMaxwell reported EBITDA of 拢400,000 and pre-tax profit of 拢300,000 on revenues of 拢4m. It has gross assets of 拢1.1m聽聽and is being acquired on a debt and cash free basis.
The majority of ClerkMaxwell is being acquired from its senior management team and a private individual investor. The call option to acquire the remaining stake is between Costain and Meteor Investments.
Commenting on the acquisition, Costain chief executive Andrew Wyllie said: "We are delighted to have acquired ClerkMaxwell. It is absolutely in-line with our strategy of broadening our existing front-end consultancy, project delivery and operations and maintenance offering through a combination of organic development and acquisitions. ClerkMaxwell is a fast growing business and will add complementary capabilities to our existing operations in the oil and gas sector, enhancing the full-service offering we can provide to our blue-chip customers."
ClerkMaxwell managing director John Wilson added: "Costain is the perfect home for ClerkMaxwell. We will bring additional skills and reach to an already strong oil and gas capability and Costain's established customer base will provide a major opportunity for us to realise our ambition of becoming a market-leading provider of value adding, front end engineering services."
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