Lagan Group bought for £455m by Breedon Group
Northern Ireland building firm Lagan Group has been bought over by one of the UK's largest construction firms.
As the Belfast Telegraph revealed earlier this month, Breedon Group confirmed the acquisition for £455million on Tuesday morning.
Breedon, the largest independent construction materials business in the UK said it was delighted with the acquisition.
"The Acquisition enables Breedon to enter the attractive Irish construction market and provides significant opportunities to expand upstream though the aggregates business in Ireland and downstream through the asphalt and ready-mixed concrete operations," the company said in a statement.
The firm said it hoped to make "cost synergies" of £5m.
The purchase includes a cement plant, nine active quarries, 13 asphalt plants and nine ready-mixed concrete plants.
Breedon employs nearly 3,000 people and has around 870 million tonnes of mineral reserves and resources.
The companies sold include: Whitemountain, Lagan Cement, Lagan Brick, Lagan Asphalt and Welsh Slate.
Peter Tom CBE, Breedon’s executive chairman, said: "We are delighted to have completed our largest acquisition to date and particularly pleased that it has been so strongly supported by our shareholders.
"The acquisition of Lagan is another strategic step for us. We believe it has the potential to add significantly to the group’s performance and prospects and we are looking forward to working with our new colleagues to deliver further value for our investors.”
Pat Ward, Breedon’s Group chief executive, added: “Lagan represents a unique opportunity to enter a growing market with immediate scale and excellent opportunities for expansion.
“Lagan is well-run, well-invested, with an experienced management team and a strong track record. Its culture is complementary to our own, with a sharp focus on customer service, a firstclass workforce and a commitment to safety, which is a key priority for us.
“From a strategic perspective, it provides us with a stronger platform from which to pursue further organic growth and bolt-on acquisitions.”
Kevin Lagan, chairman of Lagan Group, said: “I’d like to thank our committed and passionate staff for the role they have played in the growth of Lagan Group and I wish them every success as they enter an exciting new chapter with Breedon, who I am confident will build on that success, supporting the development of the business in the years ahead.”
Belfast Telegraph Digital