Brickability acquires radiator valves distributor
Construction materials manufacturer Brickability acquired West Midlands-based radiator valves distributor Bathroom Barn on Tuesday for £645,000.
Brickability will make an initial payment of £322,500 for Bathroom Barn, which will be integrated into its Towelrads business going forward, with a deferred consideration of £322,500 split in three equal tranches payable in cash over the next three years.
The AIM-listed group added that the acquisition would be funded from existing resources and was expected to be immediately earnings accretive post-completion.
Chief executive Alan Simpson said: "Bathroom Barn is a perfect partner for our highly successful Towelrads business and adds significantly to our product offering in this area."
As of 1020 GMT, Brickability shares were down 2.26% at 54.0p.