Member Article

Engineering firm Costain snaps up TfL contractor in eight-figure deal

Costain, the engineering solutions firm, has announced the acquisition of Simulation Systems Limited (SSL) for £17m.

The deal, which has been funded from the group’s existing cash and debt facilities, will see Costain fully integrate SSL, who enjoyed a turnover of £15.1m in their last set of results, into its operations this financial year.

Established in 1979, SSL employs 165 people, providing hardware and software solutions for traffic monitoring and management to a range of blue-chip clients that includes Highways England and Transport for London.

Engineering giant Costain have a number of high-profile clients themselves, having developed the new Paddington Crossrail station in partnership with Skanska, who will now benefit from SSL’s monitoring and management technologies.

Following the announcement of the deal to the Stock Exchange this morning, Chief Executive at Costain Andrew Wyllie CBE, said: “We are delighted to announce the acquisition of SSL which is in-line with our stated objective of accelerating the growth of business through a combination of organic and acquisitive growth.

“This transaction will further broaden our ability to deliver innovative technology-based solutions to meet the increasingly complex requirements of our major blue chip customers in energy, water and transportation.”

SSL’s senior management team, which includes Managing Director Louis Thompson, are to remain with the business.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →