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RPS Group PLC Announces Acquisition Of Petroleum Institute for Continuing Education


Wednesday, 16 Jan 2013 02:00am EST 

RPS Group PLC announced the acquisition of Petroleum Institute for Continuing Education (PEICE), a Canadian based business providing geoscience and engineering training to the oil and gas industry, for a maximum consideration of CAD11.7 million (GBP7.4 million). PEICE has been providing training to the oil and gas industry for 12 years. During 2012 it delivered over 200 courses, primarily in Canada and the US. The founder and joint owner (with his wife) of the business will be remaining with RPS after the transaction, along with all current PEICE staff. They will work with RPS' existing energy training teams in the UK and US to extend the range of courses offered and the geographical reach of the business. RPS is acquiring the entire share capital of PEICE for a maximum total consideration of CAD11.7 million (GBP7.4 million), all payable in cash. Consideration paid at completion was CAD5.7 million (GBP3.6 million). Subject to certain operational conditions being met, two further sums of CAD3 million (GBP1.9 million) will be paid on the first two anniversaries of the transaction. 

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