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direct/ Imtech N.V. (NL) - Imtech: strengthening of position in UK through acquisition of Aqua Group

05-02-2007 03:52 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Imtech (NL)

Imtech breaks 300-million euro mark in revenues in UK

Gouda - Imtech (technical service provider in Europe) announces the acquisition of British counterpart The Aqua Group Ltd. And its subsidiary companies from the current owners. With this acquisition Imtech will significantly strengthen its position in the UK. The acquisition price comes to some 24 million euro, including earn-out, and will be paid in cash. The acquisition fits in with Imtech´s strategy for further growth in the UK and contributes directly to the profit per share.

René van der Bruggen, Chairman of Imtech´s Board of Management, is pleased about the new Imtech company: ´In addition to good returns, Aqua is a renowned multidisciplinary technical player with firm roots in the eastern UK. In economic terms, this is a rapidly growing market in which Imtech is already active. The acquisition brings Imtech, in line with its strategy, another step closer to securing a top-3 position in the technology market in the UK.´

Profile of the Aqua Group
The Aqua Group (established in 1968) is a renowned multidisciplinary technical service provider and maintenance provider in the fields of electrical engineering, mechanical engineering (air conditioning and climate control technology), ICT, data- and telecommunications, security and control in the growing market of utilities. With a staff of some 210 employees, annual revenue came to almost 40 million euro in 2006. From its location in Swavesy, in Cambridge, the Aqua Group counts among the stronger players in the region of east England, including the rapidly growing eastern part of the of Greater London region.

The organisation consists of three business units: Mechanical and Electrical Services (multidisciplinary technical solutions), Planned Maintenance (technological management and maintenance) and Control (computerisation and building automation). With this combination of activities, the company offers complete technical service in the form of consultancy, engineering, implementation, maintenance management and maintenance services. Aqua is active in the market of offices, care, healthcare, education, recreation, apartment blocks (including luxury homes) and technological business-to-business services. This broad scope of activities enables the company to adopt a flexible stance in relation to changing market conditions, thus making a positive contribution to continuity.

The company has some 80 regular larger clients for which Aqua has been active for years. More than ninety percent of the activities fall under recurring business, therefore resulting in a rapid increase in the scope of maintenance and control activities. Prominent clients include the Imperial War Museum in Duxford, the University of Cambridge, Epping Forest College and pharmaceutical UEA Zicer.

Aqua distinguishes itself by its awards which include: British Safety Council National Award for 9 consecutive years and the H+V news Heating Ventilation and Air-conditioning Constructor of the Year award.

Strategy
The acquisition of the Aqua Group fits in well with Imtech´s growth strategy. Imtech enjoys a leading market position in Belgium, Germany, the Netherlands, Luxembourg, Spain, Eastern Europe and the UK. In the UK Imtech strives towards the strategic reinforcement of its market position. Imtech is currently active in the UK in the fields of:

- multidisciplinary technical service provision (electrical engineering, instrumentation, mechanical engineering, data- and telecommunication, control and automation) in Southeast England (southern and central parts of the Greater London area) and the region around Nottingham and in West Yorkshire, near Leeds;
- complete technical solutions on the inframarket, in particular in the market of water- and wastewater purification (national top-5 player);
- hi-tech solutions in the field of mobility: intelligent transport systems, dynamic traffic management, traffic safety and enforcement, as well as priority systems and dynamic public transport information for travellers across the whole of the UK and Ireland.

Imtech is also active in the UK in the field of maritime technology via its maritime division, by means of the orders for the Royal Navy, and in the field of fire protection, parking technology and telecommunications. Imtech has a total of more than 25 branches the UK.

With the acquisition of Aqua Imtech passes the milestone of 300 million euro in revenues in the UK with a broad portfolio of activities.

Synergy
The acquisition means a significant increase in the geographical range of activities. The entire southern region of the UK is now largely covered with respect to the market for multidisciplinary service provision. This region in particular is where the heart of Britain´s healthy economy is situated and where the demand for complete technological solutions is seeing a rapid boom. Imtech continues to carry out increasingly large-scale multidisciplinary projects for a growing and broad spectrum of mainly regular clients.

Aqua´s activities fit in seamlessly with those of Imtech in general (electrical engineering, ICT and mechanical engineering) and those of the current British Imtech companies (Imtech Technical Services comprising the Meica Group acquired in 2003 and Goodmarriott & Hursthouse acquired in 2005, and the recently acquired Peek Traffic) in particular. With the acquisition Imtech realises its strategy to rank among the leading players on the market of multidisciplinary service provision and its current competitive position is significantly strengthened. Collaboration between all of the Imtech companies in the UK leads to a broader market penetration, greater innovation, lower overhead costs and greater management potential. Imtech will also become appealing as a party to work for in the UK labour market. Judging by the recent developments surrounding the acquisitions of the Meica Group and Goodmarriott & Hursthouse, and the recently acquired Peek Traffic, Aqua is likely to see a future characterised by healthy growth under the financially strong wing of Imtech.

Continuity
After acquisition the current management will be retained for a number of years for the sake of continuity.

Further information
Imtech N.V.
M.E.J. (Mark) Salomons
Company Secretary
Telephone: +31 (0)182 54 35 14
E-mail: mark.salomons@imtech.eu
www.imtech.eu

Imtech Profile
Imtech N.V. is a European technical services provider in the fields of electrical engineering, ICT (information and communication technology) and mechanical engineering. With approximately 16,000 employees, Imtech realises annual revenue of almost EUR3 billion. Imtech holds strong positions in the buildings, industry, infrastructure and telecom markets in Belgium, Germany, Luxembourg, the Netherlands, Eastern Europe, Spain and the UK and in the global maritime market. Imtech provides services to a total of 12,000 clients. Imtech offers added value in the form of integrated and multidisciplinary total solutions that lead to improved operating processes and higher yields for clients and their clients in return. Imtech also provides solutions that contribute to a sustainable, liveable society, for example in the field of energy, mobility, safety and the environment. Imtech shares are listed on the Euronext Stock Exchange (Amsterdam), where Imtech is included in the Amsterdam SmallCap Index (AScX) and the Next 150 index.

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