The consideration will comprise an initial payment of £3,385,875, being £2,957,924 in loan notes and £427,951 in cash. A deferred payment of £1,000,000 is dependent on retention of key employees for at least two years. A £857,490 loan note has been issued conditionally in part satisfaction of this. A further £1,114,125 will also be paid if certain growth targets are achieved over the next two years. The net assets at completion were £435,875 of which there was £385,875 of cash.
APT’s audited turnover in the year ended 30th September 2000 was £2.7m and it reported an operating profit of £215,657 after the director’s remuneration.
APT is expected to be modestly earnings enhancing in the current financial year and to make a more significant contribution in the following period (this statement should not be interpreted to mean that the future earnings per share following the acquisition of APT will necessarily be greater than the historical earnings per share).
John Bateson, CEO of SHL, said:
“APT has worked in the Management Development market place for a number of years providing high quality development and 360° employee assessment nationally and internationally. APT has established an excellent track record in the area of behaviour change. APT’s expertise and product portfolio, particularly the technology related aspects, will be a natural extension of our services and provides an excellent catalyst for SHL growth in this vital area of human resource management. In addition APT will bring to SHL outstanding client relationship skills and additional contacts with senior human resources managers.”
APT, which is currently London based, will be fully integrated into SHL UK, with the complete operation being moved to the SHL head office in Surrey.