Kingspan to buy building solutions business for €42m
Cavan-headquartered Kingspan is to spend £37.5m (€42m) on the acquisition of Building Solutions (National) Limited, a UK-based manufacturer and distributor of building envelope solutions.
Building Solutions, which last year reported revenue of £60m (€67.3m) and profit of around £3.3m (€3.7m) operates through its Steadmans, United Roofing Products, Trimform Products, and Advanced Cladding & Insulation brands. The company has assets of £28.8m.
Meinie Oldersma, CEO of SIG Plc – the company that owns Building Solutions – said: "This disposal, on attractive terms, is in line with SIG's medium-term strategy and completes the exit of peripheral, non-core businesses identified in our 2017 strategic review."
Kingspan is buying the company on a cash-free, debt-free basis.