SigmaRoc, an AIM quoted buy-and-build construction materials group, has entered into a conditional agreement to acquire Poundfield Products (Poundfield), a UK-based group of businesses specialising in patented concrete products and systems, for £10.25 million.
The deal comprises an initial cash sum of £9.5m on a debt free/cash free basis, and deferred sum of £0.75m, conditionally payable one year from completion and satisfied by the issue of new ordinary shares of 1 pence each in the company.
Commenting on the conditional agreement to acquire Poundfield, SigmaRoc CEO Max Vermorken said: “The acquisition of Poundfield, a specialist in patented concrete products, is a welcome addition to our growing portfolio of assets. It will join our existing UK precast cluster which includes TopCrete, the specialist precast concrete business we acquired in October 2017. We will look to maximise synergies at both the cluster and Group level and derive overall earnings growth”.
SigmaRoc executive chairman David Barrett added: “This acquisition marks another milestone in our buy-and-build strategy, and concludes a successful year for the SigmaRoc group. We continue to seek out businesses where we believe we can create significant value for shareholders, and the pipeline for future acquisitions in 2018 is already strong.”
To date, SigmaRoc has completed and successfully integrated three acquisitions.
In January 2017, it acquired Ronez, a Channel Islands business, for £45 million from
The second acquisition, in April 2017, was the purchase of a dry bulk carrying ship, thereby launching the Group’s trading arm, SigmaGsy.
The third acquisition, completed in October 2017, was TopCrete and its wholly owned subsidiary Allen Concrete, a specialist precast business with a long history in wet-cast concrete and significant asset footprints. The acquisition of Allen Concrete established SigmaRoc’s UK precast cluster and delivered £2.2 million operational EBITDA in 2016 financial year.
