Brickability Group Acquires McCann Limited
Brickability Group Acquires McCann Limited
Acquisition will provide Group owned transport and logistics operation
Brickability Group plc ("Brickability" or "the Group"), a leading construction materials distributor, announces that is has completed the acquisition of McCann Limited ("McCann"), the UK and European haulage and logistics provider.
McCann specialises in transporting building materials from factories in Europe to construction sites in the UK. Distribution of these bricks, roof tiles and other materials is core to Brickability and this acquisition gives the Group control in this critical and growing area. The acquisition will provide Brickability with its own pan-European transport network ensuring security and control of supply lines and reducing exposure to third party freight providers at a critical moment for UK imports and exports.
Established in 1972, McCann operates a fleet of over 100 trailers, taut liners and flatbeds, and offers European haulage and freight service, UK nationwide road haulage and express logistics. The Company is headquartered in Immingham, Lincolnshire, and will continue to be based there with its current staff. Arnold Van Huet, Managing Director of Crest Group and member of the Brickability management board will assume responsibility for management of McCann.
The acquisition of McCann is aligned with the strategy set out at IPO to identify opportunities to acquire services and products complimentary to the Group's existing offer.
The total consideration payable for McCann is £1,750,000 of which £1,225,000 was paid on completion with a further £525,000 payable over the following three years at £175,000 per annum.
For the 12 months ended 30 April 2020 turnover of McCann was £8.7 million with a normalised EBITDA of approximately £430,000.
Alan Simpson, CEO of Brickability, said:
"This is a significant deal for Brickability. By bringing McCann into the Group we are securing our supply lines and reducing the risk of Brexit-related delays to logistics and haulage post 1st January.
We look forward to welcoming the team to the Brickability Group and building an even stronger business in 2020.
The team continues to identify and evaluate opportunities to deliver the IPO promise, retaining its focus on diversification and expansion."
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Enquiries
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Brickability Group plc John Richards, Chairman Alan Simpson, CEO c/o Montfort Communications |
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Cenkos Securities plc (Nominated adviser and broker) Max Hartley / Max Gould (Nomad) Julian Morse (Sales) |
+44 (0) 20 7397 8900 |
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Montfort Communications James Olley Miles McKechnie |
+44 (0)20 3770 7916 |
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About Brickability
Brickability is a leading construction materials distributor, serving customers across the UK for over 25 years through its mainstream and local networks. The Company supplies over 300m bricks annually and already has 25 sites and sales offices, employing approximately 285 people throughout the UK. Across its three divisions, the Group supplies bricks, roofing, heating, flooring, doors and windows to meet UK housebuilder demand.
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