International energy support service provider Cape plc has acquired oil decontamination company Endecon for a £1.75 million.

International energy support service provider Cape plc has acquired oil decontamination company Endecon for a £1.75 million.

The deal incorporates a further £250,000 cash on the anniversary of the deal, providing that Endecon achieves a specified level of ebitda.

Further cash will be payable during the following two years, depending on the performance of technologies acquired by Endecon.

The company, based in Wrexham, provides environmental solutions to decontaminate oil refinery and petrochemical systems.

Cape’s chief executive Martin May said: “Endecon is a natural fit in Cape’s specialist industrial cleaning business, DBI group, acquired by Cape in October 2006.”

Endecon’s turnover and earnings in the year to July 31, 2007, are expected to be £2.3 million and £230,000 respectively.

In the 12 months up to January this year, Cape’s turnover was £295.5 million.

The approximate value of gross assets acquired at completion is £530,000.