Hill & Smith Holdings PLC Acquires Signature Limited
Hill & Smith Holdings PLC ('Hill & Smith' or 'the Group'), the international group with leading positions in the supply of infrastructure products and galvanizing services to global markets, today announces that it has completed the acquisition of Signature Limited ("Signature") for a total cash consideration of £12.5m, on a debt and cash free basis (the "Acquisition"). The consideration will be funded from the Group's existing bank facilities.
Based in the UK, Signature was a subsidiary of Plastic Omnium SA and specialises in the development, manufacture, installation and maintenance of street lighting columns, road sign and traffic management systems. In the year to 31 December 2015, Signature recorded turnover of £14.8m, operating profit of £1.9m (before Plastic Omnium SA group charges), and had net operating assets, on a debt and cash free basis of £4.0m. The Acquisition is expected to be earnings enhancing to the Group in the first full financial year following the Acquisition.
Derek Muir, Group Chief Executive, commented: "Signature has an excellent range of long established products which will complement our existing product offering into the UK roads market."