- Infrastructure supplier Hill & Smith said Wednesday it had completed the acquisition of Work Area Protection Corp., and its associated affiliates for $42.0m.

The acquisition of Work Area Protection Corp, or WAPCO, would support Hill & Smith's existing US and international roads businesses, Hill & Smith said.

WAPCO was a business of New Enterprise Stone & Lime, specialising in the development, manufacture, and distribution of a wide range of road work zone safety products. In the two years ended 28 February, the firm recorded an average revenue of $47.7m and adjusted earnings (EBITDA) of $4.8m

The $42.0m acquisition of WAPCO represented a multiple of 8.7 times average adjusted EBITDA of the preceding two financial years and would be funded from Hill & Smith's existing bank facilities.

At 8:51am: [LON:HILS] Hill Smith Holdings PLC share price was +32.5p at 1412.5p

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