Deals



ISG plc Acquires 49% of the share capital of ACE


Posted: 8th June 2015 08:39

ISG plc ("ISG" or the "Group"), the international construction services group, today announces that it has acquired a further 49% interest in ACE, its Brazilian fit out partner from the existing shareholders Mr Marcelo Amarante (CEO) and Mr Edo Rocha. ISG acquired 20% of ACE in June 2013 with an option to acquire the remaining 80%, and now owns 69%.
 
ACE provides office fit out and refurbishment services in Brazil's two largest cities of Sao Paulo and Rio de Janeiro and comprises two companies: ACE-Engenharia e Construções Ltda and Draw Serviços de Engenharia Ltda. 
 
The consideration, which was settled in cash, for this 49% was £335,000. ISG has also agreed to acquire the remaining 31% of ACE from the remaining shareholder Mr Amarante over a period of three calendar years ending 31 December 2018, subject to performance.  The minimum consideration for this remaining 31% is £650,000 and the maximum consideration is £5m.
 
The revenue of ACE for the year ended 31 December 2014 was £7.3m with a profit before tax of £72,000. At 31 December 2014 the combined net assets of the businesses were £170,000.



Related articles



bodrum escort istanbul masöz
close

Subscribe to our newsletter

Sign up here and get the latest news and updates delivered directly to your inbox

You can unsubscribe at any time