StockMarketWire.com - SigmaRoc, the buy-and-build construction materials group, has acquired Topcrete and its wholly owned subsidiary Allen Concrete, the specialist precast concrete producer.

The businesses have been bought for an initial cash consideration of £9m and a deferred conditional cash consideration of £3.5m, subject to certain adjustments in respect of completion accounts.

The acquisition is expected to be earnings enhancing in the year ending 31 December 2017.

For the year ended 28 February 2017, Allen Concrete recorded underlying profit before tax of £1.8m, EBITDA of £2m and consolidated revenue of £5.2m. The business employs 36 staff across its two sites and is well respected in the market for its high quality products.

The acquisition of Allen Concrete builds on SigmaRoc's acquisition of Ronez, the Channel Island construction materials producer, in January, and the acquisition of a dry bulk carrier ship in April, to create the company's shipping and trading business.

David Barrett, chairman, said: "We are very pleased to welcome Allen Concrete to the SigmaRoc group, it has a solid history and is highly regarded in its sector. The acquisition fits well with our strategy and builds on the successful platform we have created since the integration of Ronez. This is another step in our ambition to generate shareholder value, while preserving the unique identity of the businesses we buy."


At 9:07am: [LON:SRC] Sigmaroc Plc share price was 0p at 42.25p



Story provided by StockMarketWire.com