Engineering services company Hill & Smith has acquired the business and assets of portable solar construction equipment manufacturer National Signal as part of a deal valued at almost $30.0m.
Hill & Smith will make an initial cash consideration of $25.3m for National Signal, on a debt and cash-free basis, with a further cash payment of up to $4.0m payable, conditional on the business’ achievement of certain financial performance targets in the three years post-acquisition.
The FTSE 250-listed group stated the acquisition of National Signal, located in Fullerton, California, will be funded from its existing banking facilities.
In the twelve months ended 30 June, National Signal reported unaudited revenues of $27.3m, adjusted underlying earnings of $3.4m, and gross assets of $8.3m.
Separately, Hill & Smith announced that it had completed its acquisition of Widnes Galvanising for a cash consideration of £3.7m on a debt and cash-free basis – further expanding the geographic footprint of its UK galvanizing business into the northwest of the UK.
Reporting by Iain Gilbert at Sharecast.com
