Alumasc Group PLC Acquisition (5355D)
01 February 2018 - 6:00PM
UK Regulatory
TIDMALU
RNS Number : 5355D
Alumasc Group PLC
01 February 2018
IMMEDIATE RELEASE 1 February 2018
THE ALUMASC GROUP PLC
ACQUISITION OF WADE INTERNATIONAL
Alumasc ("Alumasc" or the "Group"), the premium building
products, systems and solutions group, is pleased to announce that
it has acquired the entire issued share capital of Wade
International Limited ("Wade") for GBP8.0 million on a net
cash/debt free basis.
Wade is a leading manufacturer and supplier of high quality
metal drainage products and access covers with a well-established,
premium brand. The acquisition represents an excellent strategic
fit for the group, extending its Water Management division's
ability to offer a wide range of "rain to drain" solutions for the
built environment.
Wade also extends the group's export sales capability and
potential for this division, particularly to markets in the Middle
East.
The consideration payable comprises a gross consideration of
GBP14 million, subject to any completion accounts adjustments, and
Alumasc will benefit from net cash held at Wade of approximately
GBP6 million. The net cash consideration payable will be paid at
completion and funded from Alumasc's existing banking facilities.
In its last full financial year to 30 June 2017, Wade generated
revenues of GBP5.7 million and reported profit before tax of GBP1.4
million from capital invested of GBP3.2 million. Wade's gross
assets at 30 June 2017 were GBP12.4 million. Wade employs 56
managers and staff who will remain with the business after
completion. Prior to its acquisition by Alumasc, Wade was privately
owned by Mr. Ralph Thomas.
Whilst detailed business plans are still evolving at this stage,
the Board believes that the medium term synergistic benefits of
developing the Wade business as part of Alumasc's broader Water
Management division will be significant and the acquisition is
expected to be earnings enhancing in the first full year
post-completion.
Enquiries:
The Alumasc Group plc 01536 383844
Paul Hooper (Chief Executive)
Andrew Magson (Finance Director)
Glenmill Partners Limited 07771 758517
Simon Bloomfield
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQWGUPWGUPRGQG
(END) Dow Jones Newswires
February 01, 2018 02:00 ET (07:00 GMT)
Alumasc (LSE:ALU)
Historical Stock Chart
From Apr 2024 to May 2024
Alumasc (LSE:ALU)
Historical Stock Chart
From May 2023 to May 2024