Brickability Group PLC (AIM:BRCK) said it has acquired roofing contractor Leadcraft Ltd in a deal worth £5.5mln.
The construction materials group said Leadcraft provides a full range of roofing services including tiling, slate, zinc, copper, felt and lead works and will be the firm’s twelfth strategically significant acquisition in the last three years.
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Brickability said the purchase includes an initial payment of £3.3mln and a deferred consideration of £2.2mln payable in cash over the next three years, £0.9mln of which is subject to performance criteria.
The firm added that the purchase will be funded from its existing resources and is expected to be “immediately earnings accretive post completion”.
"Following our recent transaction with Taylor Maxwell this is another strong acquisition for Brickability as we continue the strategy we set out at IPO,” Brickability chief executive Alan Simpson said in a statement.
“Leadcraft is a great addition to our very profitable Roofing Services division, expanding our product offering in this area by bringing copper and zinc metal roofing and heritage leadwork capability into the Group. This acquisition will further strengthen and diversify our offering as we lean into the V-shaped recovery being seen across the construction sector," the CEO added.