Landscaping firm Marshalls has agreed to acquire roofing specialist Marley for £535m.
In an update on the London Stock Exchange on Wednesday afternoon, the FTSE-250 company said the acquisition “represents a significant step towards achieving our strategic goal to become the UK’s leading manufacturer of products for the built environment.”
Martyn Coffey, chief executive of Marshalls, added: “Marley is a highly profitable business with established market positions across UK RMI and new build housing. Much like Marshalls, its position is underpinned by a track record of product quality and customer service, and we believe Marley will represent a strong cultural fit with our own business.
“We would like to welcome Marley’s management team and colleagues to the Marshalls family and look forward to working with them in the coming years.”
The acquisition included £371m in cash to be financed by around £187m placing launched on Wednesday after market close and new debt financing. It also included consideration shares to Inflexion and Marley management sellers, representing a value of some £164m.