Galliford Try PLC is pleased to announce the acquisition of the Miller Construction business from Miller Group Holdings (UK) Limited, for a total price of £16.57 million (approx. €20 million). The Acquisition is cash accretive and will be earnings enhancing in the year ending 30 June 2015 (including one-off restructuring costs).
Miller Construction is a UK only construction business which delivers building and infrastructure projects to both the public and private sectors. In the year to 31 December 2013, Miller Construction reported revenue of £409 million (approx. €513 million).
The tactical acquisition of Miller Construction is consistent with Galliford Try’s stated strategy of disciplined and selective growth in its construction business, with a particular focus on developing our positions on regional and national frameworks.
The Directors believe that the Acquisition price of £16.57 million (approx. €20 million) represents a very attractive valuation for Galliford Try.
Galliford Try was advised on the Acquisition by Gleacher Shacklock LLP.
Commenting on the Acquisition, Greg Fitzgerald, Chief Executive of Galliford Try, said: “We are delighted to announce the acquisition of Miller Construction, achieved at a very good price and with no net cash consideration. The acquisition brings together two construction businesses with a strong strategic fit and accelerates our strategy of growth into an improving marketplace.”
Source: Galliford Try