Hill & Smith Holdings PLC (LON: HILS), the international group with leading positions in the supply of infrastructure products and galvanizing services to global markets, today announced that it has completed the acquisition of Parking Facilities Limited for a cash consideration of £12.4m, on a debt and cash free basis. The consideration will be funded from the Group’s existing debt facilities.
Based in Tamworth, UK, Parking Facilities specialises in the design, manufacture and supply of a market-leading range of parking and access control products including cantilever, bi-fold and swing gates, automatic and manual barriers, automatic bollards, rising kerbs, speed ramps and access control equipment. Parking Facilities also offers a bespoke service from design to manufacture, supplying custom-built products to match existing surroundings.
In the year to 30 November 2018, Parking Facilities reported revenue of £10.8m, underlying EBITDA of £2.1m and net operating assets, on a debt and cash free basis, of £3.0m. The Acquisition is expected to be earnings enhancing to the Group in the first full financial year following completion.
Derek Muir, Hill & Smith Holdings PLC Group Chief Executive, commented:
“Parking Facilities has a wide range of high quality products that complement our existing Hostile Vehicle Mitigation and related security product offering, enabling us to provide comprehensive perimeter security solutions to customers in both UK and international markets.”
