Acquisition of Leadcraft Limited

RNS Number : 0814H

Brickability Group PLC

02 August 2021

 

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 12^th 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)	[phone]
Montfort Communications James Olley Miles McKechnie	[phone]

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.

 

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