12th Jul 2023 19:18
Tyman PLC - London-based supplier of engineered fenestration components and access solutions to the construction industry - Signs agreement to acquire 100% of North Carolina-based window hardware supplier Barry G Lawrence Inc, which trades as Lawrence Industries. Purchase to be made for USD57.0 million initial consideration on a debt and cash free basis. Further contingent consideration of up to USD12.5 million to be paid based on stretching growth targets, for financial results for the two years up to and including December 31, 2024. Tyman will fund the purchase through existing debt facilities; financial leverage is expected to remain within its target range of 1.0 to 1.5x adjusted Ebitda by the end of this year.
Interim Chief Executive Officer Jason Ashton says: "Lawrence is an excellent fit with AmesburyTruth's extensive product portfolio...We are confident that the strategic partnership between AmesburyTruth and Lawrence will provide an even stronger value proposition for our customers, whilst providing a platform for Lawrence to accelerate its growth journey as part of a larger group."
Current stock price: 259.00 pence, up 3.6% on Wednesday
12-month change: up 1.8%
By Emma Curzon, Alliance News reporter
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