Acquisition of Beacon Roofing Limited
Brickability Group PLC
LEI: 213800SK28MWXB3K3P26
31 March 2022
Brickability Group plc
("Brickability" or "the Group")
Acquisition of Beacon Roofing Limited
Brickability Group plc (AIM: BRCK), the leading construction materials distributor, is pleased to announce the acquisition of Beacon Roofing Limited ("Beacon") for a consideration of £6.5 million.
Beacon, founded in 1993, is a Surrey based roofing contractor that provides a full range of roofing services across the South East of England, predominantly for national house builders and developers.
For the 12 months to 31 January 2022, Beacon reported unaudited revenue of £8.9 million and normalised EBITDA of approximately £1.1 million.
The consideration is being satisfied by an initial cash payment of £4.5 million and deferred consideration of £2.0 million payable in cash over the next three years (the "Performance Period"), subject to adjustments to deferred consideration payments for performance against target performance criteria during the Performance Period.
The acquisition will be funded from the Group's existing resources and is expected to be immediately earnings accretive post completion.
Brickability will release a trading update for the twelve months ending 31 March 2022 in the second half of April 2022.
Alan Simpson, CEO, Brickability Group plc, said:
"Beacon is another great addition to our profitable Roofing Services division, further expanding our coverage in the South East. This acquisition follows the acquisition of Leadcraft, the Hampshire based roofing contractor in August 2021 which continues to perform strongly."
ENDS
For further information please contact:
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Brickability Group plc John Richards, Chairman Alan Simpson, CEO Mike Gant, CFO |
via Montfort Communications |
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Cenkos Securities plc (Nominated adviser and broker) Ben Jeynes, Max Gould (Corporate Finance) Julian Morse, Alex Pollen (Sales) |
+44 (0) 20 7397 8900 |
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Montfort Communications James Olley Georgia Colkin |
+44 (0) 203 514 0897 |
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About Brickability
Brickability is a leading construction materials distributor, serving customers across the UK and Europe for over 36 years through its national and local networks. The company supplies over 500M bricks annually and has 41 locations across the country with over 500 employees.
Across its 3 divisions the Group supplies bricks, roofing, timber, cladding, heating, flooring, doors and windows to meet demand from both housebuilders and contractors.
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