AIM-listed Brickability Group has acquired a Surrey-based roofing contractor for a £6.5m sum.
The Bridgend-based leading construction materials distributor acquired Beacon Roofing Limited, a company founded in 1993 which offers roofing services across the South East of England, predominantly for national house builders and developers.
In the 12 months to 31 January 2022, Beacon Roofing reported unaudited revenue of £8.9m and normalised earnings before interest, taxes, depreciation and amortization of approximately £1.1m.
The £6.5m consideration is being satisfied by an initial cash payment of £4.5m and deferred consideration of £2m payable in cash over the next three years.
The acquisition will be funded from Brickability’s existing resources and is expected to be immediately earnings accretive post completion.
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Chief executive Alan Simpson said: “Beacon is another great addition to our profitable Roofing Services division, further expanding our coverage in the South East.
"This acquisition follows the acquisition of Leadcraft, the Hampshire based roofing contractor in August 2021 which continues to perform strongly."
The group said it will be releasing its trading update for the 12 months ending 31 March 2022 in the second half of April.