Monday 22 March 2010

British real-time monitoring systems provider Brulines Group (LON:BRU) said Monday it has agreed to buy UK-based Energy Level Systems (ELS) from Astoncrest Consultants for up to GBP2.05m (USD3.07m/EUR2.27m).

ELS acts as a distributor of OPW Fuel Management Systems tank gauging solutions.

The initial consideration amounts to GBP700,000 in cash, with the remainder of up to GBP1.35m depends on ELS´ EBIT for the two years ending March 31, 2012.

With the acquisition, Brulines aims to gain leading positions in the provision of telemetry, data management, analysis and associated software and support services to the petrol sector. Brulines´ chief executive James Dickson noted that the acquisition would be earnings enhancing.

For the period to 31 January 2010, ELS registered adjusted EBIT of GBP59,000 and a turnover of GBP724,000.