News blog
Northbridge Industrial Services
- BY: Andrew Hore |
- POSTED: 02/07/2009 |
Northbridge Industrial Services is already spending part of the open offer cash raised in June but it still has plenty of cash left.
Northbridge is buying a UK-based air compressor fleet for £1.2m – 90% funded by a five year hire purchase agreement. The fleet includes twenty eight dual pressure compressors - including four specialist dryer units. This equipment is complementary to the range of equipment currently supplied by Northbridge to its industrial and oil and gas customer base.
The manufacturer of the compressors is Sullair Corporation. An alliance with Sullair will help Northbridge expand compressor hire internationally.
Part of the fleet is already on hire and utilisation rates will build up over the next few months.
The equipment rental and sales company raised £2m at 110p a share in June 2009. At 118.5p a share, Northbridge is valued at £10.6m.
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