Continued Expansion at SIG

SIG announced the latest moves in its continuing expansion plans.

In March 2002, the Group announced the acquisition of Proos Roofing Supplies, its largest competitor in the UK roofing market. Following on from this, the Company has announced four further acquisitions for a combined consideration of £5.9m. Annualised sales of the acquired businesses exceed £30m, adding to the Group’s operations in the UK, including the Insulation and Roofing divisions, and opening up a significant position in the insulation market in Benelux. When consolidated, these will add a total of 16 trading locations, chiefly in the UK. In total, net assets exceed £3.7m and the Group has assumed debt within the acquired businesses of c.£1.5m.

Group Chief Executive, David Williams, commented: "I am delighted with each of these deals. It demonstrates our capacity to find acquisition opportunities that have an excellent fit with our existing operations. All four businesses are trading profitably and, of course, we have some work to do but the enhancement opportunities are clearly there. We also have the advantage that some excellent managers and staff have joined the Group so we will expect to benefit from their experience going forward."