3rd Sep 2018 08:18
LONDON (Alliance News) - Polypipe Group PLC said Monday it has acquired water management products manufacturer Permavoid Ltd for a total of GBP16.5 million.
Polypipe, a plastic piping and ventilation systems manufacturer, will pay an initial GBP4.0 million in cash and further deferred consideration of up to GBP12.5 million depending on achievement of certain earnings targets.
Permavoid manufactures sustainable urban drainage systems, green infrastructure, Bluegreen roofs, podium decks and sports surface applications. For the financial year to September 30, Permavoid is expected to record revenue of GBP3.8 million and adjusted earnings before interest, taxes, depreciation and amortisation of GBP500,000.
The acquisition is expected to be earnings enhancing for Polypipe in its first full year after completion.
Shares in Polypipe were trading 0.1 lower at 369.60 pence each on Monday morning.
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