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(Alliance News) - Hill & Smith Holdings PLC on Tuesday said it has completed the acquisition of off-grid solar energy company Prolectric Services for GBP12.5 million on a debt- and cash-free basis.
Solihull, England-based Hill & Smith makes road safety barriers, pipe supports and street lighting columns.
It said a further cash consideration of GBP5.7 million is payable based on Prolectric achieving financial performance targets during the 12 months after the acquisition.
Prolectric's management team will stay with the business after the purchase, which is expected to be earnings enhancing to Hill & Smith in 2021.
"Hill & Smith has significant experience of the markets which Prolectric's customers operate in, and this, alongside Prolectric's innovative product range will further enhance the business's growth. We are delighted to be adding a deep understanding of solar technology to the group's capabilities and see this as a clear fit," said Chief Executive Paul Simmons.
Shares in Hill & Smith were up 0.8% at 1,275.98 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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