Getech maps US success with Lisle deal
Article Date: Dec 09 2008A Leeds-based company that specialises in mapping areas for oil exploration giants Shell, BP and ExxonMobil has bought a US firm.
Getech has acquired Colorado-based Lisle Gravity for an initial £1.2 million in cash. The agreement includes a deferred element that will be related to sales in the next three years.
The deal is being funded off Getech’s balance sheet and through a WH Ireland-managed share placing. The company is to raise £400,000, before expenses, through issuing more than 1.5 million new ordinary shares at 26p each.
Lisle’s acquired assets include its trading name, data and hardware. The company was sold by George Lisle, who has been retained as a consultant until 2014.
Getech executive chairman Derek Fairhead said Lisle has arguably the most comprehensive commercially available gravity database in the US. “This acquisition maintains Getech’s position as a major global provider of such data and is an excellent fit with our core business.”
Lisle owns a proprietary gravity database for the US as well as magnetic and magneto-telluric data. In the year ended January 2008, Lisle had a $550,000 (£371,000) pre-tax profit from a $1.6 million (£1 million) turnover.
