24th Nov 2021 19:11
Brickability Group PLC - Bracknell, Berkshire-based construction materials distributor - Acquires HBS NE Ltd, which designs, supplies and installs solar photovoltaic, battery storage and electric vehicle charging technology, for GBP5.5 million.
Brickability will initially pay GBP3.3 million and a deferred consideration of GBP2.2 million in cash over the next three years, subject to certain performance targets being achieved.
The acquisition will be funded from existing resources and is expected to be immediately earnings accretive.
"As a market leader with a proven track record, we believe the acquisition of HBS NE will further strengthen our strategic positioning within the wider market and enable us to expand into a new product segment," says Chief Executive Officer Alan Simpson.
"We are excited about the opportunities for the business and look forward to welcoming and working alongside HBS NE's management and team of experts. Our new colleagues will help us to accelerate growth and product development, whilst also evaluating how we can implement its solutions across our existing divisions and throughout our supply chain," Simpson adds.
Current stock price: 103.50 pence
Year-to-date change: up 58%
By Dayo Laniyan; [email protected]
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