Tue, 11 Dec 2018 | BUSINESS SALE
A Wrexham-based concrete products and quarrying company is set to be snapped up by a company headquartered in London in a deal that is estimated to be worth £15.2 million.
CCP Building Products, with trading operations across the North West of England and in northern Wales, will be acquired by its counterpart SigmaRoc.
Accounts show that in the year finishing on 31 August 2018, CCP’s revenues were at £20.9 million and its adjusted EDITDA (earnings before interest, tax, depreciation and amortisation) were £2.6 million.
Although the company will undergo the acquisition process, CCP’s original management team will remain in place to continue with the business.
Executive Chairman of SigmaRoc, David Barrett, said: "We are about to close out a year of significant further development of the group. The acquisitions made in 2017 are performing very well.
"We expect CCP will be an excellent addition to the group, value accretive for shareholders and the right next step overall.”
To finance the acquisition, SigmaRoc raised its credit facility with Santander from £14 million to £34 million, whilst also striking a deal to refinance its “favourable” convertible loan notes.
Further commenting on the acquisition, chief executive officer Max Vermorken said: "Invest, improve, integrate - it is a strategy which is already delivering strong results and will continue to do so. CCP will be a great fit in our journey, immediately accretive and a truly excellent addition to the group.
"CCP's management team will continue to drive its performance and continue the growth of an already very impressive business."
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