Argent Industrial, which has among its businesses the manufacture of innovative overhead cranes, hoists and lifting equipment, has acquired the Ramsden Group in the UK.
Image: Supplied
Argent Industrial, through its subsidiary, Argent Industrial UK, has entered into share purchase agreements for the acquisition of the Ramsden Group in the UK, for £10.84 million (R238.19m).
South Africa-headquartered and JSE-listed Argent, which operates manufacturing, warehousing, and distribution businesses across multiple sectors, including steel trading, security products, and aviation refuelling systems in South Africa, the US, and the UK, entered into three separate share purchase agreements with the owners of the shares of the Ramsden Group.
The shares of Ramsden and Wale, Pallets Limited, and Drumcare Holdings, along with its owned subsidiary, Drumcare Limited, were acquired.
Argent directors said in a statement that the acquisition presents an opportunity to grow its business by further diversifying its portfolio of companies and to continue expanding internationally into the UK.
The Ramsden Group was founded in 1954 and operates in the UK from premises owned by the companies. They specialise in the manufacturing of new and reconditioned steel drums, the supply of wooden pallets, and the reconditioning of intermediate bulk containers under their own waste management licences.
At the end of last month, Argent Industrial reported a 9,1% increase in headline earnings per share to 538,2 cents from 493,3 cents for the 2024 financial year. The dividend for the full year increased by 11% to 141 cents a share from 121 cents declared the year before.
The share price slipped 1,04% to R38,83 on the JSE on Friday afternoon, but the price is still a healthy 38,7% higher than what it traded at a year ago.
Argent’s other businesses in the UK include Burbage Iron Craft, Cannock Gates, Fuel Proof, Flofuel Support, and Fluid Transfer Group. Some of its most well-known brands in South Africa include Xpanda and JetMaster.
Visit:www.businessreport.co.za