Last checked at 12 Jul 2023 17:00
TYMAN PLC
Acquisition of Lawrence Industries
Tyman plc ("Tyman" or the "Group"), a leading international supplier of engineered fenestration components and access solutions to the construction industry, is pleased to announce that it has signed an agreement to acquire Barry G Lawrence, Inc., which trades as Lawrence Industries ("Lawrence"). Lawrence designs, manufactures and sells high-performance composite hardware for sliding and hung windows to North American window fabricators, and is based in North Carolina, USA.
Lawrence Industries
Tyman has signed an agreement to acquire 100% of Lawrence for an initial consideration of $57.0 million on a debt and cash free basis. Further contingent consideration of up to $12.5 million will be based on stretching growth targets for the financial results for the two years up to and including 31 December 2024. Consideration is being funded from existing debt facilities, and financial leverage is expected to remain within the Group's target range of 1.0-1.5x adjusted EBITDA by the end of 2023. For the financial year ended 31 December 2022, Lawrence reported unaudited revenue of approximately $20 million and profit before tax of approximately $7.5 million, with gross assets as at 31 December 2022 of $3.4 million. The acquisition will be immediately earnings enhancing and will report as part of Tyman's North America division.
Composite hardware provides an attractive, high performance, low-cost product option and is a beneficiary of the growing demand for affordable homes in North America. The acquisition is in line with the Group's previously stated acquisition strategy and adds an exciting new product category to AmesburyTruth's market-leading portfolio of window and door hardware for the North American market.
Founded in 2005 by Barry and Melissa Lawrence, Lawrence has over 50 employees and operates from a single location in Thomasville, North Carolina. Brandon Lawrence, currently President of Lawrence, will remain with the company to continue to drive the business forward, and Lawrence will continue to go to market under the Lawrence Industries brand name.
Current trading and H1 2023 Results
Since the publication of the AGM Trading Update on 19 May 2023 the Group's trading has continued in line with the Board's expectations.
Tyman will announce its results for the six months ended 30 June 2023 on 25 July 2023.
Jason Ashton, Interim Chief Executive Officer, commented:
"I am delighted to welcome our new Lawrence colleagues to Tyman. Lawrence is an excellent fit with AmesburyTruth's extensive product portfolio, providing strong product and service platforms to the attractive North American window market. We are confident that the strategic partnership between AmesburyTruth and Lawrence will provide an even stronger value proposition for our customers, whilst providing a platform for Lawrence to accelerate its growth journey as part of a larger group."
12 July 2023
Enquiries
Tyman plc (investor.relations@tymanplc.com, 0207 9768000)
Jason Ashton - Interim Chief Executive Officer
Juliette Lowes - Interim Chief Financial Officer
Matt Jones - Head of Investor Relations
MHP (tyman@mhpgroup.com, 020 3128 8613)
Reg Hoare / Rachel Farrington / Matthew Taylor
Notes to editors
Tyman (TYMN: LSE) is a leading international supplier of engineered fenestration components and access solutions to the construction industry. The company designs and manufactures products that enhance the comfort, sustainability, security, safety and aesthetics of residential homes and commercial buildings. Tyman's portfolio of leading brands serve their markets through three divisions: Tyman North America, Tyman UK and Ireland and Tyman International. Headquartered in London, the Group employs approximately 3,700 people with facilities in 16 countries worldwide. Further information is available at www.tymanplc.com.