Marshalls plc, the Elland, West Yorkshire-based stone and landscaping firm, announced it entered into a conditional agreement to acquire pitched roof system manufacturer Marley Group plc for a total enterprise value of £535 million in cash and shares.
Marshalls would acquire Burton upon Trent-based Marley Group from Inflexion Buyout V Investments LP, Inflexion Supplemental V Investments Limited Partnership and “certain management sellers” on a cash free and debt free basis.
Marshalls said Marley represents a compelling strategic fit and “extends the company into the pitched roofing market and adds a complementary and extensive range of products across the full roof system including concrete and clay roof tiles, roof fittings, timber battens, solar panels and roofing accessories.”
Marshalls CEO Martyn Coffey said: “The acquisition of Marley represents a significant step towards achieving our strategic goal to become the UK’s leading manufacturer of products for the built environment.
“Marley is a highly profitable business with established market positions across UK RMI and new build housing.
“Much like Marshalls, its position is underpinned by a track record of product quality and customer service, and we believe Marley will represent a strong cultural fit with our own business.”
Marley CEO David Speakman said: “Marley is a robust business with a strong future ahead of it.
“As part of the Marshalls family, I believe we will be extremely well-positioned to continue our growth strategy to the benefit of our colleagues, customers and partners.”