Carr's eyeing US expansion with NuVision acquisition

Carr's Group has acquired US nuclear engineering firm ESI Holding Company for up to $20m.

The Carlisle based group saw the purchase as an opportunity to move into the US nuclear market through ESI's vested interest in NuVision Engineering.

NuVision, based in Charlotte, North Carolina is a technology and applications engineering firm focusing on commercial nuclear and power plant facilities, government waste remediation facilities and waste clean-up.

Carr's will pay an initial $11.5m cash, with a further $8.5m payable depending on financial performance, with the initial consideration financed through new and existing debt facilities, and the contingent consideration from NuVision's future retained earnings.

NuVision lists the US Department of Energy as among its clients along with several other nuclear energy suppliers, public utility companies and international governments.

When commenting on the acquisition, chief executive Tim Davies said, "This acquisition lays the foundations for growth into the USA and wider international nuclear markets and provides us with access to specialised IP and a strong pipeline of long term contract opportunities. Additionally, this presents a significant opportunity for us to expand our existing remote handling operations into the USA market."

As of 0825 BST, shares had remained stable, down just 0.50p to 141.00p.