Brickability Group has announced the acquisition of Leadcraft for £5.5 million.
Leadcraft is Brickability’s 12th significant acquisition in the last three years, and, following the recent transaction with Taylor Maxwell, further underlines the acquisition strategy set out at listing.
Leadcraft, founded in 1997, is a Hampshire-based roofing contractor that provides a full range of roofing services including tiling, slate, zinc, copper, felt, and lead works.
In the 12 months ended 30 June 2021, Leadcraft reported unaudited revenue of £5.6 million and pre-tax earnings of approximately £1 million.
The sale involves an initial payment of £3.3 million, and further payments of £2.2 million in cash deferred over the next three years, of which £0.9 million is subject to performance criteria. The acquisition will be funded from the Group's existing resources and is expected to be generating immediate earnings.
Alan Simpson, CEO of the Brickability Group, said: "Following our recent transaction with Taylor Maxwell this is another strong acquisition for Brickability as we continue the strategy we set out at IPO.
"Leadcraft is a great addition to our very profitable Roofing Services division, expanding our product offering in this area by bringing copper and zinc metal roofing and heritage leadwork capability into the Group.
This acquisition will further strengthen and diversify our offering as we lean into the V-shaped recovery being seen across the construction sector.”