OCS acquires EDS divisions
By Lindsay Gale20 January 2014
In yet another blow for the UK demolition industry, one of its one-time leading lights has been brought low, with the announcement that UK-based facilities management provider OCS has acquired the decontamination, access & insulation and nuclear trading divisions of EDS, comprising Euro Dismantling Services, EDS Plant Solutions and EDS Group Holdings, from parent Silverdell plc.
However, the deal excludes the decommissioning division of Silverdell, resulting in the likely loss of some 100 demolition jobs, although 500 others have been saved by the acquisition.
“The specialist services provided by the acquired business units will complement our core facilities management offering” said Martin Gammon, chief executive officer for OCS Group UK and Europe. “This acquisition once again demonstrates our unique ability to move swiftly to secure deals in distressed circumstances.”
In the 2013 D&Ri100, EDS stood at 23 in the list with a reported turnover of US$66 million in 2012. According to reports Silverdell began experiencing financial problems in July 2013 when one of its subsidiaries entered administration. Its shares were suspended on 2 July 2013 and cancelled on 2 January 2014. OCS said it became aware of the opportunity available to it in December and worked over the Christmas period to undertake due diligence. The terms of the acquisition were not disclosed.
