Capita sells UK's Projen to PM Group
Irish engineering firm PM Group has acquired UK-based Projen for an undisclosed amount.
Projen is a subsidiary of stock market-listed UK outsourcing giant Capita, and employs about 100 people.
Capita bought Projen in 2014 for an initial £7.7m (€9.2m at the time) and potential additional consideration of up to £2.8m.
Projen is involved in providing engineering services to the petrochemical, advanced manufacturing and energy sectors. Its clients work in sectors such as pharmaceuticals and bio energy.
Its acquisition by PM Group brings the Irish company's headcount to more than 2,200 people, with 300 of those now based in the UK.
In 2016, Projen generated turnover of £10.3m and a £224,000 operating profit. That compared to turnover of almost £5.6m in 2015 and an operating loss of £363,000.
PM Group chief executive Dave Murphy said that the acquisition of Projen gives the Irish group "additional and complementary expertise" across a more sectors in the UK market.
"It provides further opportunities to work with world-leading blue-chip clients such as BP, Total, National Grid, Essar Oil & Gas, Tarmac and Syngenta," he added.
"PM Group's strategy is to continue to grow internationally, following a year which saw the opening of an expanded office in Boston and the provision of increased service offerings in Singapore and China," said Mr Murphy.
PM Group generated revenue of €336m in 2016 and a €10.6m operating profit.