Brickability Group PLC (AIM:BRCK) has acquired ET Clay Products for £11.6mln in a deal that will boost the company’s access to overseas suppliers.
Established over 25 years ago, ET Clay Products is a specialist supplier of UK and imported clay facing bricks and high quality handmade and handcrafted clay roof tiles, the construction materials distributor said in a statement.
The acquisition, which is expected to be immediately earnings enhancing, will bring new customers to the group, particularly in the merchants channel, it noted.
"The acquisition of ET Clay Products provides another important step in the growth of our import division by further expanding the supply base of the group through new access to a range of overseas manufacturers," said Brickability CEO Alan Simpson.
The consideration comprises an initial cash payment of £8.1mln and £3.5mln in cash deferred over the next three years subject to performance criteria.
In the year to 30 July 2022, ET Clay Products generated revenues of £44.3mln and adjusted EBITDA of around £3mln.