Breedon swoops in £455m Irish expansion
Breedon, the Leicestershire-based construction materials group, is set to buy Lagan Group, a construction materials business based in Belfast, for a £455m.
The deal will create one of the UK’s leading independent construction materials group in the UK and Ireland, and extend Breedon’s footprint in Ireland.
Lagan is a leading supplier of construction materials and contract surfacing in Ireland and the UK with a modern cement plant in Kinnegad, nine active quarries, 13 asphalt plants and nine ready-mixed concrete plants. In the year ended 31 December 2017, the company generated revenues of £249m.
Pat Ward, Breedon’s group chief executive, said: “Lagan represents a unique opportunity to enter a growing market with immediate scale and excellent opportunities for expansion. It significantly strengthens our cement offer, adds to our mineral and downstream resources, brings us a bitumen import/export business and adds real weight to our contract surfacing operations.
“Lagan is well-run, well-invested, with an experienced management team and a strong track record. Its culture is complementary to our own, with a sharp focus on customer service, a first-class workforce and a commitment to safety, which is a key priority for us.
“From a strategic perspective, it provides us with a stronger platform from which to pursue further organic growth and bolt-on acquisitions.”
Kevin Lagan, chairman of Lagan Group, said: “I’d like to thank our committed and passionate staff for the role they have played in the growth of Lagan Group and I wish them every success as they enter an exciting new chapter with Breedon, who I am confident will build on that success, supporting the development of the business in the years ahead.”