Brickability Group acquires McCann Roofing Products for £2.75 million
LONDON: Brickability Group, a leading construction materials distributor, has completed the acquisition of McCann Roofing Products Limited for £2.75 million.
The Acquisition is the first since Brickability's successful AIM IPO and is aligned with the acquisition strategy set out on admission.
McCann is a specialist importer and distributor of natural and man-made building products, focused on roofing. The company imports high-quality materials form some of the largest producers in Europe, across France, Spain and Belgium. McCann is based in Grays, Essex, United Kingdom. In the year ended 31 December 2019, McCann reported profit before tax of £0.7 million on revenues of £8.2 million.
The Acquisition increases and diversifies Brickability's European material supply as well as product range and will expand the distribution of roofing products into new regions across the UK.
The total consideration is being satisfied by the payment of £2.75 million in cash on completion funded from the Group's existing resources and is expected to be immediately earnings accretive. McCann will become a subsidiary of Crest Brick Slate and Tile Limited, an existing Brickability Group company.
Alan Simpson, CEO of Brickability, said: "Bringing McCann into the Brickability Group is very exciting. This is exactly the sort of acquisition we set out to make when we listed: the right price with strong management, great performance and a strong business model that fits the Brickability mould.
"We look forward to welcoming the McCann team and working with them to keep growing the Group, diversifying our product range and increasing our distribution footprint.
"We have to keep delivering for our shareholders, so expect our focus on acquisition and expansion to continue."