Altrad agrees takeover of Cape

French construction and scaffolding equipment giant Altrad has agreed to buy UK industrial services company Cape Plc for about £332.2 million in cash.

Cape employs 16,000 and provides a multi-disciplinary service offering including the traditional services of access, insulation, mechanical and specialist coatings and fireproofing. In 2016, Cape reported revenue of £863.5m and an annual pre-tax loss of £43.6m with UK margins adversely impacted by weakness in the oil price and reduced demand from the coal-fired power generation market.

Altrad has a global turnover of about €2.3bn (£2bn) and controls a significant part of UK access, hire and scaffolding business, including Beaver, Generation, Hertel, NSG and Trad Group.

Altrad Group chairman Mohed Altrad said: “Altrad and Cape have a strong complementary geographic and product mix enabling the creation of a multi-disciplinary industrial services leader in key markets around the world.”

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