Polypipe Group PLC Acquisition of Permavoid Limited (4869Z)
03 September 2018 - 4:00PM
UK Regulatory
TIDMPLP
RNS Number : 4869Z
Polypipe Group PLC
03 September 2018
3 September 2018
Polypipe Group plc
ACQUISITION OF PERMAVOID LIMITED
Polypipe Group plc ("Polypipe", the "Company" or the "Group"), a
leading manufacturer of plastic piping and ventilation systems for
the residential, commercial, civils and infrastructure sectors,
today announces the acquisition of Permavoid Limited ("Permavoid"),
a specialist designer and supplier of surface water management
solutions in commercial, residential, and sports pitch
applications, for an initial cash consideration of GBP4.0m on a
debt and cash free, normalised working capital basis, and further
deferred consideration of up to GBP12.5m depending on the EBITDA
performance of Permavoid in the two years to 30 September 2020.
Permavoid's products are uniquely placed to deal with urban
water management challenges which are increasing due to the impacts
of climate change and urbanisation. Permavoid's core technology is
a patented plastic subbase replacement system containing innovative
capillary cones capable of storing surface water (to prevent
flooding) whilst passively wicking the stored water to irrigate
soils and substrates above. The core subbase technology is
complemented by further patented solutions for managing surface
water runoff from pavements whilst providing treatment to remove
oils and other contaminants before discharge. Polypipe currently
manufactures and sells Permavoid's products under exclusive licence
for the UK and Irish markets.
Key applications for the Permavoid range of products include
sustainable urban drainage systems, green infrastructure, Bluegreen
roofs, podium decks and sports surface applications, enhancing
Polypipe's existing market leading water management solutions
product ranges. Permavoid has provided solutions for many large
urban water management projects throughout Europe such as the
redevelopment of Orlysquare in Amsterdam, phase 1 of the
Maankwartier Heerlen development in Holland, and the recent
redevelopment of Liverpool Football Club's Anfield stadium.
For the year to 30 September 2018 Permavoid is expected to
record revenue of GBP3.8m and adjusted EBITDA of GBP0.5m. The
acquisition is expected to be earnings enhancing in its first full
year after completion.
Commenting on the transaction, Martin Payne, Chief Executive
Officer, said "The acquisition of Permavoid is a small but
important step towards delivering on our strategic goals. The
acquisition brings new intellectual property into the Group with
exciting opportunities for further product integration and
innovation, allowing Polypipe to enhance its market leading water
management and attenuation solutions in the UK, as well as provide
opportunities to leverage those market leading solutions in Europe
and other markets."
Enquiries:
Polypipe +44 (0) 1709 770 000
Martin Payne, Chief Executive Officer
Paul James, Chief Financial Officer
Brunswick +44 (0) 2074 045 959
Nina Coad
Nick Beswick
Notes to Editors:
Polypipe is the largest manufacturer in the UK, and among the
ten largest manufacturers in Europe, of plastic piping systems for
the residential, commercial, civils and infrastructure sectors by
revenue. It is also a leading designer and manufacturer of energy
efficient ventilation systems in the UK.
The Group operates from 17 facilities in total, and with over
20,000 product lines, manufactures the UK's widest range of plastic
piping systems for heating, plumbing, drainage and ventilation. The
Group primarily targets the UK and European building and
construction markets with a presence in Italy and the Middle East
and sales to specific niches in the rest of the world.
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contact rns@lseg.com or visit www.rns.com.
END
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