Brick maker Ibstock has taken a 75 per cent share in fireproof cladding manufacturer Generix Facades.
The move will help Leicestershire-based Ibstock extend its construction portfolio and the range of fa莽ade systems offered by Ibstock Futures 鈥 a subsidiary set up to target fast-growing areas of the 海角视频 market.
It will also help it meet growing demand from construction firms for lower carbon, non-combustible forms of cladding for use in the mid-high rise and modular market segments.
Ibstock 鈥 Britain鈥檚 biggest brick maker 鈥 recently announced a big jump in revenues and profits despite industry-wide inflation and supply chain challenges.
It has benefited from strong demand in the new build housing market as well as from customers carrying out repairs, maintenance and improvement work, and infrastructure contracts. At the same time the business said it was maintaining a tight focus on costs.
Ibstock said sales were up 28 per cent in the first half of the year at 拢259 million, and pre-tax profits were up almost a third at 拢51 million. The group said its medium term plan is to annual hit sales of 拢600 million-plus by 2026.
A spokesman said: 鈥淭he acquisition of Generix aligns closely with the strategy for Ibstock Futures to become a market leader in fa莽ade products and solutions that combine the aesthetic appeal of traditional materials with higher productivity and a lower environmental footprint.
鈥淭he cost of the investment in Generix is small, at circa 拢1m, but the board believes that the business has the potential to grow significantly within the Ibstock platform.鈥
Generix, which was formed in 2013 in Bloxwich, Walsall, and makes three types of fa莽ade systems 鈥 Generix-Lite (natural stone panels), Infinity (ceramic panels), and Genbrix (mechanically fixed brick-slip cladding.)
Co-founder and managing director John Nolan will remain in his role and retain the minority shareholding in Generix.
Jeremie Rombaut, managing director of Ibstock Futures said: 鈥淕enerix represents an important strategic step for Ibstock Futures, with a new systems offering into the fast-growing sectors of the 海角视频 facades market.
鈥淭hrough this acquisition, we have a great opportunity to expand our customer offering in new market segments.
鈥淚 welcome John and his team to Ibstock and look forward to scaling the business together in the years to come.鈥
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