| CPL Resources plc acquire Nifast |
|
Nifast, one of Ireland’s best known and largest health and
safety consultancies and training providers, has been acquired by the
recruitment company CPL Resources plc.
Nifast, which came on the market after its parent company Newcourt
Group plc went into receivership in June, was acquired by CPL in July,
about six weeks after a receiver was appointed to Newcourt. No details
of the price paid or the terms of the sale have been disclosed. Within the Newcourt Group, Nifast was a stand alone business which operated independently. While Newcourt’s financial problems led to the sale of Nifast, Nifast itself faced no financial problems. CPL Resources, which was established in the infancy of the Celtic Tiger era, was floated on the Irish Stock Exchange (the IEX market) 2003. The company is also listed on the London AIM market. Since then, the company has grown significantly through both organic growth and by acquisition. The company has a market capitalisation of €65m. The company’s annual report for 2008 showed it made a profit of €20.7m for the year ending June 2008. Speaking after the announcement of the acquisition, Nifast managing director Gary Tobin said that CPL’s aim is to develop Nifast’s business. Tobin expressed his own “excitement” at the prospect of working with CPL. FOURTH OWNER CPL is the fourth owner of Nifast since it was sold by its founder Clive Carroll – one of the legendary figures of the Irish health and safety world – to Liberty Mutual in 1988. Liberty sold the business to Coyle Hamilton in 2004 and in 2006 Newcourt paid €3.25m for Nifast. The company was founded by Carroll in 1987. |
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