(Alliance News) - Infrastructure products manufacturer Hill & Smith Holdings PLC said Monday it bought parking control equipment maker Parking Facilities Ltd for over GBP12 million in cash.
Hill & Smith will pay GBP12.4 million for Tamworth-based Parking Facilities on a cash and debt-free basis. The acquisition will be funded by existing debt facilities at the FTSE 250-listed firm.
For the year ended November, Parking Facilities generated GBP2.1 million in underlying earnings before interest, taxes, depreciation & amortisation on revenue of GBP10.8 million.
In 2018, Hill & Smith generated underlying pretax profit of GBP76.3 million on revenue of GBP637.9 million. No underlying Ebitda figure was provided.
"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," Hill & smith Chief Executive Officer Derek Muir said.
Shares in Hill & Smith were 0.6% lower at 1,238.00 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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Hill & Smith (HILS)