Hill & Smith PLC Acquisition of Enduro Composites (3582Q)
20 Février 2023 - 8:00AM
UK Regulatory
TIDMHILS
RNS Number : 3582Q
Hill & Smith PLC
20 February 2023
20 February 2023
Hill & Smith PLC
Acquisition of Enduro Composites
Highly complementary US acquisition in the exciting and growing
composites market
Hill & Smith PLC ("Hill & Smith" or "the Group"), the
international group creating sustainable infrastructure and safe
transport through innovation, today announces that it has completed
the acquisition of Enduro Composites, Inc. ("Enduro"). The sellers
are a group of private shareholders, including the management team,
who had a small minority shareholding in Enduro, and will be
staying with the business. The cash consideration for the
acquisition is $35.0m (c.GBP28.7m), on a debt and cash free basis,
and will be funded from the Group's existing banking
facilities.
Enduro, located in Houston, Texas, is a designer, manufacturer
and supplier of engineered composite solutions focused on
industrial and infrastructure market segments. Its products can be
used in a wide variety of applications in conditions that require
high strength, light weight and resistance to corrosion.
Enduro will become part of the Group's Engineered Solutions
division, is highly complementary to our existing northeastern and
midwestern US composite businesses and will further accelerate our
strategy in this exciting and growing market. The acquisition will
expand our customer base and product range, add an extensive
manufacturing facility in the key Gulf Coast region and provide the
opportunity for manufacturing process enhancements.
In the 12 months to 31 December 2022, Enduro reported unaudited
adjusted revenue of $47.0m, adjusted EBIT of $4.5m and gross
assets(*) of $22.9m. The acquisition is expected to be earnings
enhancing to the Group in 2023.
Following completion of the transaction, the Group's leverage
will increase to c. 0.9 times, providing further capacity to
continue with our expansion plans.
Alan Giddins, Executive Chair, said:
"The acquisition of Enduro is in line with our strategy to
undertake disciplined M&A that is aligned to our focus on niche
markets with excellent long term growth potential. The acquisition
of Enduro will further develop our product offering and expand our
geographical coverage in the highly attractive composites market. I
am delighted to welcome Enduro and its employees to the Group."
(*) As at 31 December 2022
ENDS
For further information, please contact:
Hill & Smith PLC Tel: +44 (0)121 704 7434
Alan Giddins, Executive Chair
Hannah Nichols, Chief Financial Officer
MHP Tel: +44 (0)20 3128 8613
Reg Hoare
Rachel Farrington
Catherine Chapman
Notes to Editors
Hill & Smith PLC creates sustainable infrastructure and safe
transport through innovation. The Group employs c.3,800 people
worldwide with the majority employed by its autonomous, agile,
customer focussed operating businesses based in the UK, USA,
Australia, India and Sweden. The Group office is in the UK and it
is quoted on the London Stock Exchange (LSE: HILS.L).
The Group's operating businesses are organised into three main
business divisions:
Galvanizing Services: dramatically increasing the sustainability
and maintenance free life of steel products including structural
steel work, lighting, bridges, agricultural and other products for
the industrial and infrastructure markets.
Engineered Solutions: supplying engineered steel and composite
solutions with low embodied energy for a wide range of
infrastructure markets including energy generation and
distribution, marine, rail and housing. The division also supplies
engineered pipe supports for the water, power and liquid natural
gas markets and seismic protection solutions.
Roads & Security: supplying products and services to support
road and highway infrastructure including temporary and permanent
road safety barriers, Intelligent Traffic Solutions, street
lighting columns and bridge parapets. In addition, the division
includes two businesses which are market leaders in the provision
of off-grid solar lighting and power solutions. The security
portfolio includes hostile vehicle mitigation solutions, high
security fencing and automated gate solutions.
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END
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