Van Elle described Albion as a complementary and strategically aligned bolt-on acquisition that expands its presence in Scotland.
Based in Stirling, Albion is a specialist piling and drilling business that was founded in 1986.
Albion also extends Van Elle’s technical capabilities. Its services include blasting, drilling, ground stabilisation and rock anchoring.
Albion managing director Jim King and the entire workforce consisting of 31 employees will become part of the Van Elle Group, and the business will continue to operate under the Albion brand. Jim King will assume a wider role as Van Elle’s director for Scotland, reporting to chief operating officer Malcolm O’Sullivan.
Albion will be aligned to the Van Elle’s Specialist Piling division, which shares a similar operating model. The group will co-locate its facilities at Stirling and integrate its resource to grow its Scotland-based capability.
The initial consideration comprises cash consideration of £2.1m and £0.6m satisfied through the issue of Van Elle shares to Albion owners Jim King and Jamie Cleghorn. In addition, a deferred consideration of up to £800,000 will be paid in cash over the next two years, subject to hitting targets.
For the year to 31st January 2024, Albion turned over £5.5m and made a profit before tax of £800,000. Net assets at the same date were £2.6m.
Van Elle chief executive Mark Cutler said: ‘‘The acquisition of Albion represents an exciting and important step towards the delivery of our growth strategy in the energy sector. It also broadens the group’s range of specialist capabilities and customer base. Albion is a highly regarded specialist contractor with complementary capabilities and an experienced workforce who will fit perfectly into the group’s operating structure.”
