Acquisition of RIG Systems

RNS Number:8029P
AssetCo PLC
11 March 2008



For immediate release                                             11 March 2008
                                        
                                        
                  AssetCo plc ("AssetCo" and or the "Company")
                                        
                   Acquisition of RIG Systems Limited ("RIG")

AssetCo plc, (AIM : ASTO) a leading provider of support services to the UK Fire 
and Rescue Service, is pleased to announce that it has entered into an agreement
to acquire the issued share capital of RIG Systems Limited, a specialist 
technical safety and rescue training consultancy to the UK Fire and Rescue
Service  and other emergency agencies.

The consideration for RIG is �839,000 payable in cash. In addition, deferred 
consideration of up to �839,000 will be payable subject to certain performance 
criteria being met in the year to 31 May 2009. The deferred consideration will 
be satisfied 66% in cash and 34% by the issue of new shares.

RIG is forecast to generate �240,000 profit before tax in the year to 31 May
2008.

RIG was founded in 2000 by Royal Marines officers to apply military training
techniques to the UK emergency services.

RIG has enjoyed impressive growth, counting an array of Fire and Rescue
Services, Police Services, Local Authorities and Government agencies amongst its
clients and has become the market leader in the development of integrated water,
height and confined space rescue risk control systems. In addition it supplies
most leading brands of technology for those engaged in water safety and rescue
and working at height. The Directors believe that RIG's expertise and product
knowledge in this field will allow AssetCo to continue its philosophy of
providing its clients with access to best of breed products and suppliers.

This acquisition addcomplementary set of consultancy and training expertise to
the  portfolio of services offered by AssetCo's specialist Emergency Resource
business  which recruits, trains and provides specialist staff for clients in 
the emergency sectors in the UK and overseas.

John Shannon, Chief Executive Officer of AssetCo, commented:

"RIG is a highly focused, niche business with proven expertise which is now in 
great demand throughout the UK. As the incumbent Water Rescue trainer to the
London  Fire Brigade, this transaction allows us to develop new services for our
key client, whilst recent flooding events have highlighted the value of RIG's 
skills base and greatly accelerated its growth plans. Combining the practical 
knowledge within RIG with that of our Emergency Resource business will enable 
AssetCo to fulfil even more of the new specialist training requirements needed 
to support the deployment of frontline fire fighters and other emergency teams 
in the UK.  The transaction  is an important step for AssetCo, enhancing both 
the breadth and the quality of the services that it offers to the emergency
services."

Jez Hunter, Managing Director, RIG, commented:

"RIG's integrated rescue approach has propelled our civil resilience business
forward at a tremendous rate.  AssetCo is driven by the same core values,
passionate about exceeding client expectations, regardless of the complexities
of the project.  AssetCo's Emergency Resource business is a perfect home for our
innovative offerings, affording us immediate access to the resources and
expertise required to scale our training, equipment and consultancy solutions.
With greater reach, investment and market profile, we now feel we are well
placed to fulfil our ambition to become the UK technical rescue provider of
choice."

For more information please contact:

AssetCo plc                                           Tel: +44 (0) 20 8515 3999
John Shannon
Frank Flynn

Buchanan Communications                               Tel: +44 (0) 20 7466 5000
Tim Anderson
Isabel Podda

Hoare Govett Limited - Nomad                          Tel: +44 (0) 20 7678 8000
Stephen Bowler
John MacGowan
Richard Crichton

Kaupthing Singer & Friedlander Capital Markets Ltd    Tel: +44 (0) 20 3205 5000
Nicholas How
Marc Young

About AssetCo (www.assetco.com)

AssetCo plc, (AIM : ASTO), is a leading provider of outsourced and managed
support services to the emergency and homeland securities markets in Great
Britain and Northern Ireland and emerging markets overseas. The company employs
some 860 people in twelve locations. Subsidiaries of AssetCo plc include:

AssetCo Emergency Limited
AssetCo Group Limited

Papworth Specialist Vehicles Limited
AS Fire and Rescue Limited
Collins Youldon
FSE Limited
Todd Research Limited
BlueAmberRed Limited
Simentra Limited
AssetCo Emergency Resource Limited
AES Group
UV Modular Limited
The Vehicle Application Centre


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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