Bilby: Acquisitions of DCB and Spokemead and placing to raise £5.0 million
On 24 March 2016 Bilby, the gas heating, electrical and building services company, announced the acquisition of DCB (Kent) for a maximum consideration of £4.0m. DCB provides high quality building, refurbishment and maintenance services to housing associations and local authorities throughout Kent, Sussex, Essex and London. Bilby also announced the acquisition of Spokemead Maintenance for a maximum consideration of £8.7m. Spokemead provides electrical installation, repairs and maintenance services to local authority owned housing stock and has been the principal contractor for a major London borough for the electrical installation, repairs and maintenance for some 25 years winning three successive five year contracts.
The cash consideration for the acquisitions was financed by a placing to raise £5.0m, and new debt funding.
Panmure Gordon Role: Panmure Gordon acted as nominated adviser and broker