The deal also includes the purchase if the entire share capital of Nisbet’s health and safety arm – Nisbet Project Safety.
An initial payment of £1.8 million will be paid in cash at completion on 1 April. A deferred consideration of £648,000 is payable in the next six month with £1.3 million paid over the next two years.
Cyril Sweett said the acquisition will be earnings enhancing for the group in its first full year of ownership.
Chief executive Dean Webster: “The quality of Nisbet’s team is reflected in the strong track record of project wins, repeat work and referrals.
”Nisbet is especially strong in the public sector, particularly education, and this exposure will further strengthen our market share in this fast growing and attractive area. The acquisition complements our existing diverse geographic network, and further enhances our ability to cross sell additional services to a widened client base.”
Nisbet has 12 Partners and 78 staff providing quantity surveying, project management and health and safety services with offices are located in the Midlands, London, the South and South-West of England.
In the year ended 30 September 2007, Nisbet’s turnover was £6.9 million.