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The acquisition of Pennington Choices brings an additional 150 staff to Mears working in compliance and asset management.
Based in Warrington, Pennington Choices was established in 2000 by the former majority shareholder Mark Seaborn. It delivers a range of compliance activities, including stock condition surveys, fire risk assessments, energy performance certification, asbestos testing and consultancy services. Mears estimates that PCL will deliver revenue and adjusted EBITDA (post-synergies) of £17.0m and £1.5m respectively in its first full year in the group.
Mark Seaborn will remain with the business following completion for a period to help smooth the handover.
Mears chief executive Lucas Critchley said: “Mears has made solid progress in developing its systems and front-line capability to deliver compliance services. Pennington Choices’ core competencies in professional and technical services are complementary to Mears’ existing offer and this acquisition will accelerate our progress in the attractive and growing compliance space.
“In addition to the strategic fit, importantly, we also see a strong cultural alignment between both organisations, particularly in terms of the emphasis given to the investment in, and development of, our respective teams, and I am excited to welcome the employees and customers of Pennington Choices to the group.”
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