Engineering group completes £12.4m acquisition

Shirley-based engineering group Hill & Smith has acquired a specialist in car park control and access systems for £12.4m.

Hill & Smith, which specialises in the infrastructure products and galvanizing services sectors, said the purchase of Tamworth-based Parking Facilities will be funded from the group’s existing debt facilities.

Parking Facilities specialises in the design, manufacture and supply of parking and access control products including cantilever, bi-fold and swing gates, automatic and manual barriers, automatic bollards, rising kerbs, speed ramps and access control equipment.

Parking Facilities also offers a bespoke service from design to manufacture, supplying custom-built products to match existing surroundings.

In the year to 30 November 2018, Parking Facilities reported revenue of £10.8m, underlying EBITDA of £2.1m and net operating assets, on a debt and cash free basis, of £3m.

The acquisition is expected to be earnings enhancing to the group in the first full financial year following completion.

Derek Muir, group chief executive, said: “Parking Facilities has a wide range of high quality products that complement our existing Hostile Vehicle Mitigation and related security product offering, enabling us to provide comprehensive perimeter security solutions to customers in both UK and international markets.”

Parking Facilities was advised by Springboard Corporate Finance (Simon Ward and Jon Wright), Squire Patton Boggs (Geoff Perry, Claire O’Connor and Frankie Beetham) and Claritas (Fiona Holloway and Iain Wright).

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