Real Office Group, a quoted investment vehicle set up to acquire office fit-out businesses globally, has bought Pacific Interiors, ISIS Projects and a 49 per cent stake in Pacific Middle East (PME) for £48.9 million.
Real Office Group, a quoted investment vehicle set up to acquire office fit-out businesses globally, has bought Pacific Interiors, ISIS Projects and a 49 per cent stake in Pacific Middle East (PME) for up to £48.9 million.
The consideration will be satisfied by the issue of 126 million shares at 12p each, a loan note worth £2 million and a cash payment of £1 million. This initial payment could be followed by a series of earn-outs if profitability targets are achieved through to July 2011.
The acquisition of Pacific Interiors and ISIS provides the company with UK national coverage and is the first stage in its strategy to achieve organic and acquisitive growth in the office fit-out or related sectors on a national level and internationally. The acquisition of PME provides gives Real Office a base in Qatar, which the directors believe may offer “opportunity for growth even in the current economic climate”.
Roger Smee, executive chairman and CEO of Real Office Group, said, “We are absolutely delighted to have completed the acquisitions. This is consistent with our strategy of forming, acquiring and managing companies which specialise in the design and build of commercial interiors and give us a profitable and established base from which to expand.”
Added Smee, “We believe there are opportunities for combining successful local and national businesses in the UK and overseas to create an international group, capable of meeting the fit-out requirements of major national and international companies worldwide.”
The company confirmed it was also pursuing M&A in the US, India and the Far East.