Acquisition of Leadcraft Limited
Brickability Group PLC
LEI: 213800SK28MWXB3K3P26
2 August 2021
Brickability Group plc
("Brickability" or "the Group")
Brickability Group Acquires Leadcraft Limited
Brickability Group plc (AIM: BRCK), the leading construction materials distributor, is pleased to announce the acquisition of Leadcraft Limited ("Leadcraft"), for a total consideration of £5.5 million.
Leadcraft is Brickability's 12th strategically significant acquisition in the last three years and, following the recent transaction with Taylor Maxwell, further underlines the acquisition strategy set out at listing.
Leadcraft, founded in 1997, is a Hampshire based roofing contractor that provides a full range of roofing services including tiling, slate, zinc, copper, felt and lead works.
In the 12 months ended 30 June 2021, Leadcraft reported unaudited revenue of £5.6 million and normalised EBITDA of approximately £1.0 million.
The consideration is being satisfied by an initial payment of £3.3 million and deferred consideration of £2.2 million payable in cash over the next three years, of which £0.9 million is subject to performance criteria. The acquisition will be funded from the Group's existing resources and is expected to be immediately earnings accretive post completion.
Alan Simpson, CEO, Brickability Group plc, said:
"Following our recent transaction with Taylor Maxwell this is another strong acquisition for Brickability as we continue the strategy we set out at IPO.
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."
ENDS
For further information please contact:
|
Brickability Group plc John Richards, Chairman Alan Simpson, CEO Mike Gant, CFO |
via Montfort Communications |
|
|
|
|
Cenkos Securities plc (Nominated adviser and broker) Ben Jeynes, Max Gould (Corporate Finance) Julian Morse, Alex Pollen (Sales) |
+44 (0) 20 7397 8900 |
|
|
|
|
Montfort Communications James Olley Miles McKechnie |
+44 (0)20 3770 7916 |
|
|
|
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 4 divisions the Group supplies bricks, roofing, timber, cladding, heating, flooring, doors and windows to meet demand from both housebuilders and contractors.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 8 hours ago ASOS
- 9 hours ago MJ Gleeson
- 9 hours ago Rolls-Royce Holdings
- 9 hours ago Crest Nicholson Holdings
- 10 hours ago Naked Wines