IKO Plc has agreed terms with the shareholders of Pure Asphalt Company to acquire the company, which is based in Bolton, Lancashire. The shares are to be purchased subject to regulatory clearance, with completion expected within three months.
Andy Williamson, group managing director of IKO Plc, said: “The acquisition is part of IKO’s continued expansion strategy and commitment to the UK Construction Industry. It will add to capacity and employment prospects across the group.”
IKO has appointed Mazars LLP as financial due diligence providers and national law firm Weightmans LLP as the legal advisors for this acquisition. Paul Raftery, Weightmans corporate partner in Manchester, said: “It was a pleasure to work with Andy and his team and I have every expectation that Pure Asphalt will prove to be an excellent addition to the IKO group.”
The shareholders of Pure Asphalt Company were advised by Andy Feeke at CLB Coopers in relation to corporate finance and taxation advice with Nick Gabay at Thompson, Snell & Passmore LLP providing legal advice.
