390: Andrew Duxbury of Galliford Try talks about the strategic acquisition of nmcn's Water business

The Vox Markets Podcast

Andrew Duxbury Finance Director of Galliford Try #GFRD talks about the strategic acquisition of nmcn's Water business including the specialist water process and control businesses Nomenca and Lintott for an aggregate consideration of £1.0 million in cash.

nmcn Water profile and fit with Galliford Try

nmcn Water works with UK water utility companies to build and maintain high-quality water and wastewater treatment systems. Its geographic coverage, customer relationships and technical capabilities are all highly complementary to Galliford Try's existing operations.

Galliford Try has a detailed understanding of nmcn Water's operations and has closely followed the evolution of the Water Business through nmcn's refinancing process and various trading and financial disclosures through 2021. In combination, this knowledge has provided us with a thorough understanding of nmcn Water and its prospects.

The 75 year heritage and values of nmcn Water are an excellent fit with the history and values of Galliford Try. In particular, the Transaction is consistent with our recently published Sustainable Growth Strategy:

· Providing a geographic footprint that will accelerate growth of the Water Business through a series of established frameworks with new customers for Galliford Try;

· Extending our capabilities in the design and Mechanical, Electrical, Instrumentation, Control and Automation (MEICA) elements of the Water Business; and

· Introducing further high quality people to strengthen our own talent pool.

Galliford Try is especially appreciative of the efforts of nmcn's customers, suppliers, employees and management over the last year and will be engaging proactively to provide the stability to move forward. Approximately 900 nmcn Water employees will join Galliford Try as a result of the Transaction, including its senior management team.

About Galliford Try
Galliford Try is a leading UK construction business employing 2,700 people across the country. Galliford Try is one of the UK's leading construction groups, working to improve the UK’s built environment and delivering lasting change for the communities we work in.