Brickability acquires Essex-based McCann Roofing Products
Construction materials distributor Brickability Group has completed the acquisition of McCann Roofing Products - a roofing products importer and distributor - for £2.75m, it announced on Friday.
The AIM-traded firm’s acquisition was the first since its successful initial public offering, with the board explaining that it was aligned with its acquisition strategy as set out on admission.
It described McCann as a specialist importer and distributor of natural and man-made building products, focussed on roofing.
The company imports high-quality materials from some of the largest producers in Europe, across France, Spain and Belgium.
McCann is based in Grays, Essex, and in the year ended 31 December it reported profit before tax of £0.7m on revenues of £8.2m.
Brickability said the acquisition would increase and diversify its European material supply and product range, and would expand the distribution of roofing products into new regions across the UK.
The total consideration was being satisfied by the payment of £2.75m in cash on completion, funded from the group's existing resources, with the acquisition expected to be immediately earnings accretive.
McCann would become a subsidiary of Crest Brick Slate and Tile, which is an existing Brickability company.
“Bringing McCann into the Brickability Group is very exciting,” said chief executive officer Alan Simpson.
“This is exactly the sort of acquisition we set out to make when we listed - the right price with strong management, great performance and a strong business model that fits the Brickability mould.”
Simpson said the company was “looking forward” to welcoming the McCann team and working with them to keep growing the group, diversifying its product range and increasing its distribution footprint.
“We have to keep delivering for our shareholders, so expect our focus on acquisition and expansion to continue.”
At 1408 GMT, shares in Brickability Group were down 0.34% at 73.75p.