Solihull-headquartered manufacturing group Hill & Smith Holdings has completed the acquisition of a Tamworth-based parking and access control products maker.
Parking Facilities Ltd has been snapped up by the listed company for a cash consideration of £12.4m.
The consideration will be funded from Hill & Smith’s existing debt facilities.
Parking Facilities specialises in the design, manufacture and supply of a market-leading range of parking and access control products including cantilever, bi-fold and swing gates, automatic and manual barriers, automatic bollards, rising kerbs, speed ramps and access control equipment.
In the year to 30 November 2018, Parking Facilities reported revenue of £10.8m, underlying EBITDA of £2.1m and net operating assets, on a debt and cash free basis, of £3m.
Hill & Smith’s group chief executive Derek Muir said: “Parking Facilities has a wide range of high quality products that complement our existing Hostile Vehicle Mitigation and related security product offering, enabling us to provide comprehensive perimeter security solutions to customers in both UK and international markets.”
The advisers to Parking Facilities were Springboard Corporate Finance (Simon Ward and Jon Wright), Squire Patton Boggs (Geoff Perry, Claire O’Connor and Frankie Beetham) and Claritas (Fiona Holloway and Iain Wright).