Page 27 - Sigmaroc Annual-Report 2023

Bolt-on acquisitions during 2023
In February 2023, the Group raised £30m of equity to accelerate execution on a pipeline of acquisitions across the Group, which had been assembled over the previous 12 months. The acquisitions were made on an average EV/ EBITDA multiple of 3.9 times and are expected to contribute an additional c. £8m of annualised EBITDA. A summary of each of the acquisitions is as follows:
GOIJENS, BELGIUM
The acquisition of Goijens, a leading supplier of ready-mixed concrete and recycling solutions, was closed at an effective multiple of 5 times recurring average EBITDA for the years 2020 to 2022. As with other acquisitions the Group has made, we expect synergies and operational improvements to reduce the effective multiple paid and Goijens traded ahead of the acquired EBITDA in its first months of ownership within the Group.
JUUAN DOLOMITIK, FINLAND
The Group completed the acquisition of Juuan Dolomitik for an effective multiple of 2.6 times recurring average EBITDA for the years 2020 to 2022, pre-synergies and operational improvements. JD is a specialist supplier of high-quality dolomitic limestone, used in the agricultural and environmental sectors to improve regulation of soil pH and water retention. JD’s operations are located close to the Group’s existing Finnish business and represent a valuable extension into dolomitic limestone. JD adds approximately 1.5m tonnes of reserves, equating to roughly 30 years of operating life, and €1.5m of revenues to the Group.
RETAINING, UK
In April 2023 the Group closed the acquisition of Retaining, a leading manufacturer of specialty retaining wall systems, for an effective multiple of 2.9 times recurring average EBITDA for the years 2020 to 2022, before expected synergies and operational improvements. This business fits well with the PPG precast platform, both expanding its range of walling solutions, which already includes the patented Alfabloc, as well as extending PPG’s reach into the north of the UK.
ST INVESTICIJA, LITHUANIA
In July 2023 the Group acquired aggregates supplier ST Investicija and its subsidiaries, which operate three quarries in Lithuania. The acquisition materially strengthens the aggregates business of our Baltics platform, bolstering the mineral position and quarrying assets of the Group in this region.
BJÖRKA MINERAL, SWEDEN
In August 2023 the Group acquired Björka Mineral, a subsidiary of Swiss industrials materials group Omya, for an undisclosed sum. Björka Mineral is a leading supplier of high-grade limestone and dolomite powders. It operates three quarries that are synergistic to the Group’s existing operations in Sweden.
BETONS, BELGIUM/FRANCE BORDER
In September 2023 the Group formed Betons and acquired four concrete plants located in Northern France from leading limestone producer Groupe CB. The concrete plants were acquired for an initial consideration of 3.5 times recurring EBITDA for the year 2022.
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Goijens production site, Belgium