Publisher of technical and business standards and codes of practice, SAI Global Ltd
(ASX:SAI), has acquired UK’s FoodCheck.
FoodCheck is a provider of assurance services in the food sector, focussing predominantly on the retail, hospitality and public service sectors.
SAI Global says it will pay an initial $4.4 million plus deferred consideration of up to $2.1 million which becomes payable on the achievement of fiscal 2011 and fiscal 2012 profit targets.
CEO Tony Scotton says the food retailing and hospitality sectors remain attractive growth sectors for SAI and FoodCheck has emerged as a preferred supplier of assurance services through its proven technology solution.
The acquisition will continue to strengthen SAI Global’s profile in the UK and European food assurance sector and provide an opportunity to leverage FoodCheck’s technology solution to better service SAI’s global assurance client base.
The transaction is expected to be earnings per share accretive. SAI Global posted profit of $26.1 million for the year to June 30, 2009.
