Galliford Try Holdings PLC (LSE:GFRD) said it has strengthened its capabilities in the water sector and energy sectors with a bolt-on acquisition costing up to £7 million.
The purchase of AVRS Systems Limited (AVRS), a specialist mechanical, electrical, instrumentation, control and automation (MEICA) design and build contractor, has been completed for an initial £4.5 million from the group's cash resources.
Galliford Try chief executive Bill Hocking said: “We have said that we will continue to consider bolt-on acquisitions to accelerate our strategy and this acquisition increases our capabilities in the Environment business and bolsters the group's capital maintenance credentials."
AVRS’s capabilities are “very closely aligned” to the group’s existing Environment arm as well as continuing its strategy of development adjacent markets, he added.
The Cumbria-based outfit delivers projects of strategic importance within the energy, nuclear, power, rail and water sectors, according to its website.
It also brings long-term frameworks with many major water companies as well as the Coal Authority and Ministry of Defence, while in the energy sector, its long-term client relationships are to provide in-house design, supply, installation and commissioning of MEICA, with clients such as National Grid, ISA and Nexus.
Previous acquisitions of Galliford’s includes the addition of NMCN’s water business in 2021, which also bolstered the Environment division.