Hull's Colt Holdings sold for £9.2m to waste management firm Augean

Hull’s Colt Holdings Limited has been acquired by Wetherby-based waste management company Augean plc for £9.2m.

Dow Schofield Watts, the specialist financial advisory and equity finance firm, advised on the sale of Colt Holdings Limited and its wholly owned subsidiary Colt Industrial Services Limited.

Established over 25 years ago by George Telford and his sons, Colt provides a wide range of industrial services to customers in the industrial sector, oil refineries, rail and utilities.

These services include specialist tank cleaning and high pressure jetting, hydro abrasive cutting, asbestos removal and waste management and tanker haulage.

The acquisition of Colt is in line with Augean’s growth strategy, in which the business aims to achieve UK-wide coverage of specialist industrial services and customer relationships with top-tier companies that have a requirement for hazardous waste disposal.

As part of the deal, Augean also get a fleet of specialist vehicles and equipment some of which is designed and built by Colt.

Initial consideration of for the deal on cash/debt free basis is £9.2m, plus additional potential earn-out based payments of up to £4.75m, subject to Colt securing certain contracts.

Colt Holdings Limited was advised on the deal by Roger Esler, Tony Norwood and Paul Herriott at Dow Schofield Watts and by Nick Scott at Andrew Jackson. Augean was advised by Altium and Walker Morris.

Roger Esler, corporate finance director at Dow Schofield Watts in Yorkshire, said: “We are delighted to have advised this unique and highly specialised business on its sale to such a strategically motivated acquirer.

“Colt punches well above its weight by reputation, customer base and service delivery. Consequently, there was wide and international interest in the business but it was highly rewarding to find that the most compelling fit was with another dynamic Yorkshire business. Colt will undoubtedly thrive as part of the Augean Group.”

Nick Scott, partner at Andrew Jackson, commented: “Colt has been a significant player in industrial services over the past three decades and we are delighted to have been able to act for the sellers. We wish all parties well in their future endeavours.”

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