SIG plc, the Sheffield-based international building materials supplier, announced it acquired Miers Construction Products Limited (MCP) for an initial cash consideration of £28 million.

A further contingent cash payment of up to £6.7 million will be payable, subject to the performance of the business during the period ending on December 31, 2023, together with a deferred cash payment of £1.8 million, payable in 24 months.

SIG CEO Steve Francis said: “We are delighted to announce the acquisition of MCP, which demonstrates delivery of SIG’s Group strategy to grow both organically and through carefully targeted value-enhancing acquisitions.

“MCP is a highly attractive specialist business with a strong brand, a great reputation for quality service, and technical sector specialism and expertise.

“These key elements have created a business that has the ability to grow sustainably ahead of the market. MCP illustrates the opportunities to accelerate through acquisition our path to 5% margins in the medium term.

“We welcome MCP’s knowledgeable and committed management team and employees to SIG and look forward to working with them.”