Infrastructure firm expands international reach with US acquisition
Solihull-based Hill & Smith, a provider of sustainable infrastructure solutions, has expanded its international reach by acquiring US-based Trident Industries.
The deal includes an initial payment of $13.5m (around £10.6m), with up to an additional $32.5m (approximately £25.6m) depending on future revenue over the next five years.
The acquisition was from two private shareholders, and Trident’s management team will remain with the business.
Based in Greater St Louis, Illinois, Trident designs and supplies composite utility poles for North America and the Caribbean. The poles are used in various applications, including storm hardening and self-supporting projects.
Trident has a manufacturing partnership with Enduro Composites, which Hill & Smith acquired in February 2023, and will join the creative composites croup within Hill & Smith’s engineered solutions division.
The acquisition supports Hill & Smith’s strategy in the US electricity market, expanding its product range and customer base.
For the year ending 31 December 2023, Trident reported revenue of $23.3m (around £18.3m).
Hill & Smith reported a revenue of £422.7m for the six months ending 30 June 2024, marking a 2% increase from £420.8m in 2023.
The acquisition is funded by Hill & Smith’s existing borrowing facilities and is expected to boost earnings in 2024.
Alan Giddins, executive chair, said: “Trident is a business we have known and worked with for many years and is an excellent fit with our existing US composites business. The acquisition will expand our product range and customer base and provide cross-selling opportunities, further accelerating our strategy in this exciting and long-term growth market. I am delighted to welcome Trident and its employees to the Group.
“This is the third acquisition we have completed so far in 2024 as we continue to successfully deliver inorganic growth at attractive returns to drive the future growth of the Group.”
