Brickability Group PLC (AIM:BRCK) said it made its first acquisition in the renewable energy products sector with the £5.5mln purchase of HBS NE Limited.
This is the fast-growing construction materials specialist’s 13th transaction in the last three years as it has broadened its offering.
Chairman John Richards said: "The renewable energy product sector is an area we have been looking to move into for some time as we focus not only on helping our customers address carbon reduction, but also on our own commitments and responsibility to implement sustainable solutions.”
For the year ended March 31, HBS NE posted £8.5mln of revenues and underlying earnings (normalised EBITDA) of £1.1mln.
The deal, which will be funded from Brickability’s internal financial resources, will be immediately earnings enhancing.
Through its product brand UPOWA, HBS NE provides a single source of sustainable technology services and products for the new-build market.
Currently, it works with 16 of the top 25 UK developers including, Barratt Developments, Vistry Group and Taylor Wimpey.
Brickability supplies materials used by the industry, such as bricks and roofing, heating and plumbing products.