SigmaRoc completes its fourth acquisition of 2017 for considerable £10.25m

SigmaRoc, a London-based buy-and-build construction materials group, has announced it has entered into a conditional agreement to acquire Poundfield Products Limited (Poundfield).

Poundfield is a group of businesses specialising in patented concrete products and systems. The total consideration of £10.25m has been made for the acquisition.

The consideration comprises an initial cash consideration of £9.5m on a debt-free and cash-free basis and deferred consideration of £0.75m, to be conditionally payable one year from completion.

Commenting on the acquisition, SigmaRoc’s 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.”

The initial consideration is to be funded by way of a conditional placing of 34m new ordinary shares at 41 pence per share. Berenberg is acting as sole broker and bookrunner to the Placing.

SigmaRoc has completed and successfully integrated three acquisitions to date. In January 2017, the company acquired Ronez Ltd; in April 2017 it acquired a dry bulk carrying ship; then in October 2017 it acquired TopCrete Limited and its subsidiary, Allen.

To conclude, SigmaRoc’s 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.”

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