Pennant International Group buys UK rail services business track access productions
Pennant said the acquisition consideration, which is being funded from Pennant’s existing cash, comprises an enterprise value of £585,000, plus around £389,000 in respect of TAP's 'free cash'.
Bedfordshire-based TAP provides driver training, route mapping and route familiarisation services to the UK rail industry, including train and freight operating companies, engineering contractors and infrastructure providers.
Phil Walker, Pennant International Group CEO, said: "I am delighted to confirm the acquisition and to welcome the TAP team into the Pennant Group.
"TAP is an excellent business with a long-standing, trusted reputation in the UK rail market and we look forward to working together to integrate TAP into Pennant's growing rail offering."