Peter Webb on Michelmersh Brick Holdings (MBH)
Michelmersh Brick Holdings, MBH, the leading UK specialist brick and clay paving manufacturer, today announces the acquisition of Floren & Co, an established profitable brick manufacturing business for up to EUR 9.9 million.
Based in Antwerp, Belgium and producing circa. 20 million premium wire cut bricks (2018) that were sold predominately within the Belgian and UK markets, the acquisition looks highly complimentary to MBH's existing activities and brings a foothold in Europe for the first time.
The Company is seeking to raise up to £5.0m through a placing at 90p per share and the deal is immediately earnings enhancing. The commercial logic of this deal looks compelling and follows on from the very successful acquisition of Carlton for £31.2m in June 2017.
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