Michelmersh has acquired brick fabricator FabSpeed for an initial £6.25 million as part of an off-site construction expansion.
by Rory Butler / November 25, 2022
FabSpeed is the result of a 2020 merger between manufacturers LiteSpeed and Fab-Lite. The firm, currently operating from three facilities based in West Yorkshire and Oxfordshire, manufactures specialist and bespoke prefabricated building solutions, for complex products like arches, canopies, chimneys and cladding. It currently employs around 90 people.
Michelmersh said the buy will boost its off-site and modern methods of construction product manufacturing, in support of its “sustainability centred ethos”.
The acquisition price represents a multiple of 5.3-times FabSpeed’s 2021 EBITDA.
“This opportunity enhances our nationwide coverage by integrating fabrication facilities within the existing brick manufacturing sites, adding capacity, flexibility and growth,” said FabSpeed directors, Chris Penston and Mark Richards.
“The enlarged Michelmersh Group will continue to position itself at the forefront of industry innovation, with a broader product portfolio and enhanced routes to market, utilising FabSpeed’s complimentary customer base and distribution channels,” added Frank Hanna, Michelmersh Joint CEO.
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