Brickability Group plc (AIM: BRCK), the leading construction materials distributor, is pleased to announce the acquisition of Beacon Roofing Limited (“Beacon”) for a consideration of £6.5 million.
Beacon, founded in 1993, is a Surrey based roofing contractor that provides a full range of roofing services across the South East of England, predominantly for national house builders and developers.
For the 12 months to 31 January 2022, Beacon reported unaudited revenue of £8.9 million and normalised EBITDA of approximately £1.1 million.
The consideration is being satisfied by an initial cash payment of £4.5 million and deferred consideration of £2.0 million payable in cash over the next three years (the “Performance Period”), subject to adjustments to deferred consideration payments for performance against target performance criteria during the Performance Period.
The acquisition will be funded from the Group’s existing resources and is expected to be immediately earnings accretive post completion.
Brickability will release a trading update for the twelve months ending 31 March 2022 in the second half of April 2022.
Alan Simpson, CEO, Brickability Group plc, said: “Beacon is another great addition to our profitable Roofing Services division, further expanding our coverage in the South East. This acquisition follows the acquisition of Leadcraft, the Hampshire based roofing contractor in August 2021 which continues to perform strongly.”
