SigmaRoc has acquired UK quarried materials supplier Johnston Quarry Group (JQG) for an initial £35.5 million.
The London-listed quarried materials group said JQG fits its model and expands its fingerprint in key British markets. The business generated £14.7mn revenue and a pretax profit of £3.6mn in the 12 months to 30 September 2021.
In addition, as part of the deal, SigmaRoc has also agreed to acquire two further quarries from the same sellers for a potential price of £14.5mn.
The acquisition is due to be completed in the next few weeks, following the satisfaction of certain completion conditions.
JQG produces construction aggregates, building stone and agricultural lime at eight quarries and two processing plants located across the southwest, Oxfordshire and Lincolnshire. The group's products include Cotswolds Ironstone and Bath Stone used by housebuilders. JQG has access to 86 million tonnes of reserves and resources, giving an average mine life of more than 40 years.
SigmaRoc chief executive Max Vermorken said: "JQG is a high-quality quarrying group, with an attractive geographic footprint and a product range which offers both architectural and environmental benefits over alternatives. The acquisition extends our footprint significantly in several key markets within the UK while offering the opportunity for further improvement and platform-based synergies."