Business
Acquisition of Miers Construction Products Limited
Acquisition of Miers Construction Products Limited.
About this update from Sig Plc
[{"type":"text","content":"\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC \n UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n \n \n \n \n \n \n \n LEI: 213800VDC1BKJEZ8PV53\n \n \n \n \n \n \n 25 July 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n SIG plc\n \n \n \n \n (\n \n the\n \n \"Company\"\n \n or\n \n \"SIG\")\n \n \n \n \n \n \n \n \n Acquisition of Miers Construction Products Limited\n \n \n \n \n \n \n \n SIG, a leading supplier of specialist insulation and sustainable building products to customers across Europe, announces that, on 22 July 2022, it acquired the entire issued share capital of Miers Construction Products Limited (\"MCP\") for an initial cash consideration of £28m on a debt-free and cash-free basis (the \"Acquisition\"). A further contingent cash payment of up to £6.7m will be payable,\n subject to the performance of the business during the period ending on 31 December 2023\n , together with a deferred cash payment of £1.8m, payable in 24 months. The consideration will be funded from the Company's existing facilities.\n \n \n \n \n \n Transaction Highlights\n \n \n \n \n \n ·\n Acquisition of one of the UK's leading suppliers of specialist construction materials, broadening SIG's UK offering in high-performance construction accessories and fixings\n \n \n ·\n Strong strategic fit with SIG's proven business model of entrepreneurial teams, delivering superior service through deep supplier partnerships and specialist expertise\n \n \n ·\n 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\n \n \n ·\n Significant growth opportunities across the combined business, driven by SIG's national supply network and extensive product range together with MCP's strong global supply chain and supplier agreements\n \n \n ·\n MCP was acquired by the Company from two founding shareholders and four members of MCP's management team. The existing man...