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Second purchase in six months bucks trend
Oct 7 2008 by Alex Turner, Liverpool Daily Post
STEAM cleaning specialist Proventec has shrugged off the wider economic problems to complete its second acquisition in just six weeks.
The Liverpool firm, which is listed on the Alternative Investment Market, yesterday announced it had acquired a 60% stake in CryoJet Industrial Services, a Dutch firm which provides cryogenic cleaning equipment.
It provides extremely low temperature industrial cleaning services using proprietary dry-ice technology.
Cryogenic cleaning is a completely dry and non-abrasive process that leaves no residue, making it particularly valuable in the food, petrochemical and energy industries.
David Chestnutt, chief executive of Proventec, said: “With our controlling stake in CryoJet, we will be able to access a proprietary, successful and profitable new technology and an impressive new blue-chip industrial customer base.”
CryoJet expects to turn over £1.5m in the current financial year.
The acquisition has been paid for from the existing cash reserves.
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