Polypipe has acquired Permavoid, a specialist designer and supplier of surface water management equipment.
Piping systems manufacturer Polypipe paid an initial £4 million in cash, with up to £12.5 million payable in the future depending on Permavoid’s performance over the next two years.
Permavoid’s products are used for urban water management, green infrastructure, blue-green roofs, podium decks and sports surface applications.
It uses a patented system containing capillary cones that store surface water to prevent flooding, while passively wicking the stored water to irrigate soils and substrates above so that plants can grow.
Polypipe said Permavoid's products are “uniquely placed” to deal with urban water management challenges, which are increasing due to climate change and urbanisation.
Chief Executive Martin Payne said: "The acquisition of Permavoid is a small but important step towards delivering on our strategic goals.
“The acquisition brings new intellectual property into the group with exciting opportunities for further product integration and innovation, allowing Polypipe to enhance its market-leading water management and attenuation solutions in the UK, as well as provide opportunities to leverage those market leading solutions in Europe and other markets."