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Prices & Quotes - UK Markets - Brickability Group (BRCK)

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Share Price:
Up 108.50p
Change Today:
0.50p
Market Cap:
£323.61m
Sector:
Construction & Materials

Brickability Group acquires Taylor Maxwell for up to £63m

By Josh White

Date: Wednesday 02 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Construction materials distributor Brickability Group announced the conditional acquisition of timber and non-combustible cladding Taylor Maxwell Group for consideration of up to £63m on Wednesday.
The AIM-traded firm also announced that, in order to finance the acquisition and help fund future bolt-on acquisitions, it had conditionally raised £55m before fees and expenses by placing 57,894,737 new shares at a price of 95p each, with new and existing institutional investors.

In addition, to meet market demand, it said certain selling shareholders had also conditionally raised a further £38m through the sale of 40,000,000 existing shares at the issue price.

Brickability said £52.7m from the placing would be used to fund the acquisition of Taylor Maxwell, and future bolt-on acquisitions, with the acquisition expected to be "significantly" earnings-accretive, diversifying the company's product offering.

Total consideration payable under the acquisition was up to £63m, consisting of a £40m initial cash consideration, £10m through the issue of 9,900,990 consideration shares subject to a 24 month lock-in period, and deferred consideration of up to £13m based on future adjusted EBITDA performance targets over the three financial years following completion.

The company's directors and management would retain a shareholding of about 28.3% in Brickability, down from the previous 54%.

Brickability said the placing and the acquisition remained conditional on the approval of shareholders at a general meeting on 29 June, with the new shares expected to be admitted to trading on AIM on 30 June.

"The acquisition of Taylor Maxwell is the 11th strategically-significant acquisition made by Brickability since 2018, and is absolutely in line with the strategy we set out at the initial public offering," said chairman John Richards.

"As Brickability continues to grow, this acquisition marks a significant expansion in the range of solutions we can deliver for our growing client base and represents a significant value-add for our shareholders.

"The team continues to identify and evaluate opportunities as we continue to deliver the IPO promise, retaining focus on diversification and expansion."

Richards said Taylor Maxwell had been providing façade and timber products to the construction industry for more than 60 years, operating from 16 regional locations across the UK, with minimal overlap against Brickability's existing client base.

He added that over the years, Taylor Maxwell had acquired a "wealth of local market knowledge", enabling it to build strong relationships with a diverse range of key manufacturers.

"The acquisition of Taylor Maxwell will bolster Brickability's leading position in UK brick distribution; offering cost and revenue synergies while being transformational in terms of the group's scale and relevance in the wider materials supply industry.

"The acquisition has been well supported by our existing shareholder base, and the oversubscribed placing has benefited Brickability by welcoming a range of new institutional shareholders to the Brickability register."

At 1501 BST, shares in Brickability Group were down 3.38% at 100p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

BRCK Market Data

Currency UK Pounds
Price 108.50p
Change Today 0.50p
52 Week High 110.00p
52 Week Low 37.50p
Volume 86,908
Shares Issued 298.25m
Market Cap £323.61m

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BRCK Dividends

  Latest Previous
  Final Interim
Ex-Div 26-Aug-21 28-Jan-21
Paid 23-Sep-21 25-Feb-21
Amount 1.08p 0.87p

Trades for 17-Sep-2021

Time Volume / Share Price
15:01 3,630 @ 110.00p
14:27 3,639 @ 109.90p
13:06 30,341 @ 109.89p
14:05 541 @ 109.90p
14:00 216 @ 108.00p

BRCK Key Personnel

CEO Alan Simpson
CFO Mike Gant