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ISG acquires French fit out firm

ISG has completed the acquisition of the French branch of Alpha International SARL in a deal that could be worth up to £7.4 million.

The Paris based retail, design and fit out company has worked with several blue chip clients including Apple, Louis Vuitton, Uniqlo, Gucci, Tiffancy & Co and Patek Phillipe.

It has also completed projects in Italy and Switzerland.

Under the deal ISG will acquire the goodwill and assets of the company for an initial consideration of £1.5m cash.

Up to £5.9m will be deferred and payable after the two financial years to 30 June 2013, conditional on the business meeting average profit before tax targets for the two years.

The deferred consideration will be settled 80 per cent in cash and the balance in new ISG ordinary shares.

Alpha’s turnover for the year ended 31 October 2010 was approximately £6.5m and generated a contribution of approximately £0.2m.

It has net assets of approximately £0.4m at completion and employs 20 people.

ISG hopes the deal will help grow its existing European fit out business and supply design, fit out turnkey solutions to its international retail customers in France and Italy.

The company’s “principal vendor” André Bernstein, will remain with the business and has been appointed managing director of the combined European retail fit out business.

ISG chief executive David Lawther said:  “The Alpha acquisition is a key part of our continuing international expansion strategy and we are delighted to have acquired this capability within ISG.

“The acquisition will widen our international retail client base and provide a broader retail service offering to our clients in Europe.”

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