Brick maker acquired as listed manufacturer grows its portfolio
Michelmersh Brick Holdings, (MBH) a specialist brick manufacturer, has acquired Fabspeed Holdings Ltd, a brick fabricator and manufacturer of off-site pre-built brick products, for an initial £6.25m.
Fabspeed currently operates from three facilities, two in West Yorkshire and one in Oxfordshire, employing 89 people.
The firm has a significant focus on bespoke, complex and specialist products, including chimneys, arches, canopies and dormers. Its established management team will transfer with the business following completion of the deal.
The acquisition is designed to enhances MBH’s position as a leading provider in clay and associated pre-fabricated products.
Frank Hanna, MBH joint chief executive officer, said: “We are happy to announce the acquisition of Fabspeed and welcome the team to the Group. Fabspeed is a great addition to our business, enabling us to create a leading business in both clay and pre-fabricated products.
“With cross selling and distribution synergies to unlock over the coming periods, we expect to enhance what is already an earnings accretive deal to deliver further value for our shareholders as we integrate both businesses.”
The enlarged Group will have a broader product portfolio with enhanced routes to market, with Fabspeed’s complementary customer base and distribution channels.
MBH notes that Fabspeed has a history of delivering organic revenue and profit growth with associated strong cash conversion and delivered a profit before tax of £0.6m for the 12 months ended 31 December 2021. At the same date, Fabspeed had gross assets of £5.2m.
