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On 3 October 2022, Brickability Group PLC acquired ET Clay Products, which comprises E.T. Clay Products Limited and Heritage Clay Tiles Limited. This involved the acquisition of 100 per cent of their share capital for a total consideration of £11.6 million. The consideration is being satisfied by an initial cash payment of £8.1 million and deferred consideration of £3.5 million payable in cash over the next three years, with ET Clay Products reporting unaudited revenues of £44.3 million and adjusted EBITDA of c£3.0 million in the year to 30 July 2022.
| Date | 3 Oct 2022 |
| Time | 07:00:10 |
| Category | Acquisitions and alliances |
| ID | 4442B |
Brickability Group PLC
LEI: 213800SK28MWXB3K3P26
3rd October 2022
Brickability Group plc
("Brickability" or "the Group")
Acquisition of ET Clay Products
Brickability Group plc (AIM: BRCK), the leading construction materials distributor, is pleased to announce that it has acquired ET Clay Products for a consideration of £11.6 million through the acquisition of 100 per cent. of the share capital of E.T. Clay Products Limited and Heritage Clay Tiles Limited (together "ET Clay Products").
Established over 25 years ago, ET Clay Products is a specialist supplier of UK and imported clay facing bricks and high quality handmade and handcrafted clay roof tiles. Operating out of three yards, the businesses will bring new customers to the Group, particularly in the merchants channel.
In the year to 30 July 2022, ET Clay Products generated unaudited revenues of £44.3 million and adjusted EBITDA of c£3.0 million.
The consideration is being satisfied by an initial cash payment of £8.1 million and deferred consideration of £3.5 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 consideration is being satisfied in cash and funded from the Group's existing cash resources and is expected to be immediately earnings accretive post completion.
Alan Simpson, CEO, Brickability Group plc, said:
"The acquisition of ET Clay Products provides another important step in the growth of our Import Division by further expanding the supply base of the Group through new access to a range of overseas manufacturers."
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For further information please contact:
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Brickability Group plc John Richards, Chairman Alan Simpson, CEO Mike Gant, CFO |
via Montfort Communications |
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Cenkos Securities plc (Nominated adviser and broker) Ben Jeynes, Max Gould (Corporate Finance) Julian Morse, Alex Pollen (Sales) |
+44 (0) 20 7397 8900 |
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Montfort Communications James Olley Georgia Colkin |
+44 (0) 203 514 0897 |
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About Brickability
Brickability is a leading construction materials distributor, serving customers across the UK and Europe for over 36 years through its national and local networks. The Group supplies over 550m bricks annually and has over 55 locations across the country with over 600 employees.
This announcement contains inside information