Avingtrans acquires Bolton-based engineering business Booth Industries

Equipment supplier Avingtrans has acquired engineering company Booth Industries for £1.8m.

The acquisition will be funded from Avingtrans' existing resources, and the business will be integrated into the company's Process Solutions and Rotating Equipment division.

The AIM-listed group acquired Booth from Christopher Petts and Sarah O'Toole of Grant Thornton, acting for Redhall Group, which was placed into administration on Monday.

For the year ended 30 September 2018, Booth recorded revenues of approximately £11.7m and pre-tax profits of roughly £300,000. Acquired net assets came to about £2.5m, excluding Booth's existing cash and its debtor book.

Chief executive Steve McQuillan said: "This strategic acquisition allows Avingtrans' PSRE division to further expand its offerings and create synergies for its key clients.

"The acquisition of Booth adds to the foundations of the PSRE division and exemplifies our strategy to build shareholder value by bringing together niche businesses, fusing their individual capabilities and complementary activities to achieve critical mass."

At 0945 BST, Avingtrans shares were down 2.16% at 210.35p.