Construction materials supplier Brickability Group has acquired cladding installation and remediation contractor Topek.
The £45 million transaction will add to the Group’s existing cladding portfolio which now offers design, fabrication, supply, and installation capabilities.
Brickability said the acquisition will “significantly increase” its presence in the cladding remediation market.
In the 12 months to 31 August 2023, Topek generated unaudited revenue of £21.2 million and adjusted EBITDA of £8 million.
The Scottish contractor, which installs cladding and rainscreen systems, was established in 1981.
Brickability’s current cladding portfolio includes Taylor Maxwell Cladding, SBS Cladding, and Architectural Facades.
As part of a trading update the Group said the first six months of the year was in line with expectations in the face of a challenging housebuilding market, posting revenue of £352.7 million in H1 FY2023 and projections for £324 million in H1 FY2024.
The Brickability Board anticipates reporting adjusted EBITDA for the six months to 30 September 2023 of at least £24 million.
Adding reductions in newbuilds are expected to impact the Group’s existing businesses throughout the second half of the current financial year.
“We’ve seen in our Bricks and Building Materials division how cladding products supply has gone from strength to strength,” said Alan Simpson, CEO, Brickability. “With Topek, which will sit in our Contracting division, we will be building on that and expanding our existing product and services range into supply and installation as we continue to pursue our diversified multi-business strategy.”
Adding: “The team is excited about the new opportunities this brings and we’re looking forward to welcoming and working alongside Topek’s team of experts.”
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