First publishedon www.AggBusiness.com
Buy-and-build construction materials group SigmaRoc has acquired a 40% equity interest in GDH, a quarrying and construction materials group located in South Wales.
London, UK-based SigmaRoc says it intends to acquire the remaining 60% share by mid 2020.
GDH is one of Wales’s largest independent suppliers of aggregates. It operates out of six granite and limestone quarries – incorporating three asphalt plants. six concrete plants, and a wharf operation, as well as a civil engineering division delivering significant infrastructure projects.
The business was founded by Gerald Harries and built into an independent regional supplier by his son Ian Harries, who will continue as chairman of GDH going forward.
For the calendar years ending 31 December 2015, 2016 and 2017, GDH averaged revenues of approximately £23.4m, adjusted EBITDA of approximately £3.4m. GDH held assets with a book value of approximately £26m at the end of 2017 including approximately 80m tonnes of reserves and resources, sufficient for an estimated 100 years of quarrying life.
Following the acquisition, David Barrett and David McClelland will join the GDH board, alongside Ian Harries and Janet Philips. SigmaRoc says the investment with GDH will be the foundation for its third platform and incorporate Foelfach High PSV quarry acquired earlier in 2018.
SigmaRoc CEO Max Vermorken commented: “I am extremely proud of what our small team has been able to achieve within only a short space of time. With GDH as part of the group, we will operate nearly a dozen quarries, 100m tonnes of reserves and resources, close to 500 people employed, with significant skill, drive and enthusiasm within the various management teams.”
GDH chairman Ian Harries said that SigmaRoc’s investment in GDH would "allow us to continue the growth of the business into the future, creating job opportunities and continuing to serve our longstanding customers."