Aggreko expands North American concern with £18m acquisition

ICS Group, which is a leading provider of mobile temperature control services in Canada, had revenues of £8.9 million in the 12 months to July 2015.

Aggreko said the acquisition would not only establish Aggreko in the North American heater market, it would provide a geographic footprint in cities such as Calgary and Winnipeg where the company does not currently operate. It also complements many of Aggreko’s key sectors including oil & gas, industrial and events.

As part of the deal, 60 staff from ICS will transfer to Aggreko, along with more than 2,100 fleet assets. They will be incorporated into Aggreko’s Rental Solutions business.

Following a period of transition, Aggreko plans to integrate the operations of ICS with its Western Canada business, before expanding into other areas within North America.

Chris Weston, Chief Executive, Aggreko said: “The acquisition of ICS enhances our temperature control business in North America and gives our customers an unparalleled range of equipment and service options. Temperature control products are used extensively in our target sectors and benefit our core business as they generally require associated power. Today’s announcement underlines Aggreko’s clear commitment to deliver growth both organically and through bolt-on acquisitions.”

Aggreko said the deal was contingent on a number of pre-closing conditions being satisfied which were usual for a transaction of this type.