The British engineering and project management services provider Amec has acquired Serco Group’s nuclear technical services business for £137m in cash.
The business, which employs around 600 staff, provides consulting and project solutions primarily to the UK civil and nuclear defence markets. For the year ended 31 December 2011, it generated approximately £70m of revenue and £13m of adjusted operating profit.
As part of the acquisition, the business will be integrated into Amec during 2012.
Neil Bruce, COO of Amec, said:
This acquisition is fully aligned with our Vision 2015 growth strategy and further builds Amec’s footprint and capabilities in the clean energy market. The team of some 600 highly skilled professionals will complement our existing expertise in nuclear support activities and enable us to better serve our customers.
Christopher Hyman, chief executive of Serco Group, said:
I would like to thank our colleagues for their hard work and commitment whilst part of Serco, however, as we take Serco forward, this area of the business has become non-core to the future development of the group. We will continue to serve the defence and science sectors, notably AWE and the National Nuclear and National Physical laboratories, as well as developing our proposition in energy management services.
We believe a higher strategic value for these specialist consulting skills can be achieved under alternative ownership, leaving Serco to focus on our long-term contract model delivering high quality and efficient services. We will seek to favourably reinvest by selecting the best opportunities and continue to build a balanced portfolio of contracts in markets and geographies around the world.