Rainwater systems business acquired by Alumasc
Northamptonshire-based firm Alumasc announced the acquisition of rainwater systems company Rainclear for £770,000 on Monday.
The engineering and building supplier said it had purchased the Swindon based business, in a bid to extend its reach and product range.
Rainclear provides metal guttering systems to the building industry, and is based entirely online. The deal will grow Alumasc’s rainwater division, which is already a major supplier of water products, while Rainclear will continue to operate independently.
A sum of £450,000 has already been transferred, and the remaining sum will be paid in two tranches on the condition Rainclear makes £250,000 pre-tax profit before December 2013, and £270,000 before April 2014.
Alumasc’s chief executive, Paul Hooper, commented: “We are delighted with the purchase of Rainclear Systems, and we welcome Daniel and Naomi Hopkins and their team to the group.
“The acquisition, which is expected to be immediately earnings enhancing, will further strengthen Alumasc’s leading position in the UK rainwater products market as part of the group’s wider strategy to grow its portfolio of sustainable building product businesses.”