SigmaRoc to acquire Poundfield Products
AIM-quoted buy-and-build construction materials group to acquire specialist concrete firm for £10.25 million
AIM-quoted construction materials group SigmaRoc have entered into a conditional agreement to acquire Ipswich-based Poundfield Products (Group) Ltd, specialists in precast and prestressed concrete products and systems, for a total consideration of £10.25 million.
The transaction will comprise an initial cash consideration of £9.5 million and a deferred conditional consideration of £0.75 million, payable one year from completion.
For the year ended 31 December 2016, Poundfield recorded consolidated underlying EBITDA of £1.5 million and consolidated revenue of £7.4 million.
SigmaRoc say the acquisition represents further progress in the delivery of their buy-and-build strategy.
The company has completed and successfully integrated three acquisitions to date: In January 2017, SigmaRoc acquired Ronez Ltd for £45 million from Aggregate Industries. Ronez operate the only quarry in Guernsey and one of only two quarries in Jersey.
The second acquisition, in April 2017, saw the purchase of a dry bulk carrying ship, thereby launching the Group’s trading arm SigmaGsy.
The third acquisition, completed in October 2017, was TopCrete Ltd and their wholly owned subsidiary Allen (Concrete) Ltd, a specialist precast business.
SigmaRoc’s chief executive officer, Max Vermorken, said: ‘The acquisition of Poundfield, a specialist in patented concrete products, is a welcome addition to our growing portfolio of assets.
‘They will join our existing UK precast cluster, which includes TopCrete, the specialist precast concrete business we acquired in October 2017. We will look to maximize synergies at both the cluster and Group level and derive overall earnings growth.’
David Barrett (pictured), SigmaRoc’s executive chairman, added: ‘This acquisition marks another milestone in our buy-and-build strategy, and concludes a successful year for the SigmaRoc group.
‘We continue to seek out businesses where we believe we can create significant value for shareholders, and the pipeline for future acquisitions in 2018 is already strong.’