building products supplier GIS agreed to buy Miers building products (MCP) up to £36.5 million.
SIG will make an upfront payment of £28 million. A further contingent cash payment of up to £6.7 million will be payable, subject to business performance during the period to 31 December 2023, together with a deferred cash payment of 1. £8 million, payable in 24 months.
SIG said Miers is one of the UK’s leading suppliers of specialist building materials, expanding the company’s UK offering of high performance building accessories and fixings.
He said the agreement strengthened existing relationships with key end users, serving complementary customer and supplier groups in a number of key sectors, including infrastructure and new private residential.
Chief Executive Steve Francis said: “We are delighted to announce the acquisition of MCP, which demonstrates the implementation of the SIG Group’s strategy of growing both organically and through carefully targeted acquisitions. and value generators.
“MCP is a very attractive specialist company with a strong brand, a strong reputation for quality service, specialization and technical expertise in the sector. These key elements have created a company that has the ability to grow sustainably ahead of the market. MCP illustrates the opportunities to accelerate through acquisition our trajectory towards 5% margins in the medium term.”