Hill & Smith Holdings PLC (LSE:HILS), the engineering services company, completed the acquisition of National Signal, a US-based signal manufacturer, for US$25.3mln (£22.2mln).
A statement said up to a further US$4mln (£3.5mln) is payable depending on National Signal’s financial performance in the three years following the purchase.
National Signal reported unaudited revenue of US$27.3mln in the year to 30 June 2022, said Hill & Smith, with the acquisition expected to be “modestly earnings enhancing” this year.
"National Signal is a high-growth temporary solar lighting business, operating in a market with excellent long-term potential,” said executive chair Alan Giddins.
“Following our investment in Prolectric Services, Hill & Smith has gained significant experience in off-grid solar lighting and energy solutions, and the acquisition of National Signal will further accelerate our strategy in this highly attractive market.”
Hill & Smith also completed the £3.7mln acquisition of Widnes Galvanising, the UK-based company which plates steel with zinc to protect against corrosion.
"The acquisition of Widnes Galvanizing is aligned to our UK galvanizing growth strategy and complements our existing geographic footprint by enhancing our presence in the north west of the UK,” Giddins added.