Construction materials group SigmaRoc is to acquire Poundfield Products for £10.25 million.

Poundfield is a UK-based group of businesses specialising in patented concrete products and systems.

The deal includes an initial cash consideration of £9.5m on a debt free/cash free basis, with a deferred consideration of £750,000.

The acquisition follows a number of previous purchases by SigmaRoc. In January 2017, it acquired Channel Islands business Ronez for £45m from Aggregate Industries, and in April it purchased a dry bulk carrying ship thereby launching the Group's trading arm, SigmaGsy.

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The third acquisition, completed in October 2017, was TopCrete and its wholly owned subsidiary Allen Concrete.

SigmaRoc's Chief Executive Officer, Max Vermorken, said: "The acquisition of Poundfield, a specialist in patented concrete products, is a welcome addition to our growing portfolio of assets. It will join our existing UK precast cluster which includes TopCrete, the specialist precast concrete business we acquired in October 2017. We will look to maximise synergies at both the cluster and Group level and derive overall earnings growth."

Executive Chairman, David Barrett added: "This acquisition marks another milestone in our buy-and-build strategy, and concludes a successful year for the SigmaRoc group. We continue to seek out businesses where we believe we can create significant value for shareholders, and the pipeline for future acquisitions in 2018 is already strong."

(LM/MH)