News blog
Northbridge Industrial Services
- BY: Andrew Hore |
- POSTED: 20/04/2009 |
Northbridge Industrial Services is acquiring 66.7% of Tyne Technical Equipment Rental Services LLC for £170,000 in cash and shares.
The Dubai-registered company rents generators to the oil and gas and infrastructure sectors. It achieved a profit of £57,000 on turnover of £600,000 in 2008.
Northbridge can buy the rest of the shares on 13 April 2011. The cost is based on a multiple of profits in the preceding 12 months. The maximum additional amount payable is £680,000. The business has to make profits of £250,000.
At 154p a share, Northbridge is valued at £11.8m.
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