SIG to buy Miers Construction Products for up to £36.5m

25th Jul 2022 07:38

(Sharecast News) - Building products supplier SIG has agreed to buy Miers Construction Products (MCP) for up to £36.5m.

SIG will make an initial payment of £28m. A further contingent cash payment of up to £6.7m will be payable, subject to the performance of the business during the period ending on 31 December 2023, together with a deferred cash payment of £1.8m, payable in 24 months.

SIG said Miers is one of the UK's leading suppliers of specialist construction materials, broadening the company's UK offering in high-performance construction accessories and fixings.

It said the deal strengthens existing relationships with key end-users, serving complementary customer and supplier groups across a number of key sectors including Infrastructure and Private New Residential.

Chief executive officer Steve Francis said: "We are delighted to announce the acquisition of MCP, which demonstrates delivery of SIG's group strategy to grow both organically and through carefully targeted value-enhancing acquisitions.

"MCP is a highly attractive specialist business with a strong brand, a great reputation for quality service, and technical sector specialism and expertise. These key elements have created a business that has the ability to grow sustainably ahead of the market. MCP illustrates the opportunities to accelerate through acquisition our path to 5% margins in the medium term."