Live Company to buy Bright Bricks for £8.5m

(Sharecast News) - AIM-listed Live Company has conditionally agreed to buy UK-based Bright Bricks, a builder of bespoke brick statues and touring events, for £8.5mThe company also announced a conditional placing of just over 4.6m new shares to raise around £3m to part-fund the deal. Of that, £2.38m will be used for the cash consideration and working capital of Bright Bricks, £0.26m for working capital for the combined group and £0.36m for transaction expenses.Live Company said the acquisition and placing will allow it to fast-track growth plans in the US and Europe and provides the opportunity for further partnership models. It also said the deal will result in the group being "one of the most significant brick-based companies in the world".Live Company said the acquisition of Bright bricks and subsequent assets will future-proof the business for its longer-term expansion plans and strengthen the enlarged group's management team, particularly in operational areas.Executive chairman David Ciclitira said: "At the beginning of this year, I had three specific goals for the group: the consolidation of the Bricklive brand in Asia; the establishment of the Bricklive brand In the United States; and the acquisition of Bright Bricks Holdings Limited. "This deal reinforces my final goal. The group through Bricklive, has created a global brick-based brand, whilst Bright Bricks is one of the world's premier brick model building companies."Bricklive is the UK's largest Lego exhibition.At 1400 BST, the shares were up 2.1% to 70.99p.