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9 Mar 2016 07:00
9 March 2016
Eurocell plc
Acquisition of Vista Panels Ltd
Eurocell plc ("Eurocell" or the "Company"), the leading sustainable B2B supplier of PVC building products with its own distribution network is pleased to announce it has signed an agreement for the acquisition of Vista Panels Ltd ("Vista") from CorpAcq Limited. The consideration for the acquisition is £7.1m, on a debt free, cash free basis, to be funded from existing bank facilities and is expected to be earnings enhancing in the first full year of ownership.
About Vista
Headquartered in the Wirral, United Kingdom, Vista is a leading manufacturer of composite and PVC-U entrance doors and has been a leader in the growth of the composite doors market in the UK, with a strong presence in the social housing and private RMI sectors. It is currently the sole supplier of entrance doors to Eurocell and a significant consumer of Eurocell's profile products. The Company currently employs over 100 people nationwide. In the year ended 31 December 2015, Vista generated revenue of £13.7m. The earnings before interest and tax were £1.4m and gross assets were £3.9 million.
It is expected that Vista will continue to operate as a standalone business in the Wirral under the Vista brand. The current management team will remain with Vista.
Patrick Bateman, Chief Executive Officer, commented: "The acquisition will broaden the routes to market for Vista in particular to the new build sector, and provide opportunity for cross selling into the respective customer bases. We know the business well, having worked with them both as a customer and a supplier. It's logical, therefore, that we wanted them to join forces with us. Together we have a stronger proposition in markets strategically important to both businesses."
Enquiries:
Teneo Strategy +44 (0) 20 3603 5220
Ben Foster
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