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Tue May 21 2024

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Listed materials supplier buys cladding contractor

11 Oct 23 AIM-listed construction materials distributor Brickability has completed the acquisition of cladding contractor Topek for as much as £45m.

Topek re-clad the Premier Inn Glasgow’s Buchanan Galleries in 2021
Topek re-clad the Premier Inn Glasgow’s Buchanan Galleries in 2021

Brickability will pay an initial £27.3m on a cash-free, debt-free basis, and a deferred consideration of up to £17.7m contingent on performance over the next three years.

Established in 1981 in Glasgow, Topek installs cladding and rainscreen systems.

It joins Brickability’s cladding portfolio alongside Taylor Maxwell Cladding, SBS Cladding and Architectural Facades, covering the design, fabrication, supply and installation of cladding.

In the year to 31st August 2023, Topek turned over £21m and generated adjusted EBITDA of £8m.

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Since joining the Alternative Investment Market (AIM) in 2019 through an initial public offering, Brickability has now completed 12 acquisitions to broaden its product portfolio.

Brickability chairman John Richards said: “This acquisition is the group’s second largest to date, and a very exciting one in our continued diversification strategy. The acquisition of Taylor Maxwell in 2021 delivered a significant increase in exposure to public and commercial end markets, and the addition of Topek further increases our presence in these markets. We believe this acquisition will deliver significant value for our shareholders.”

Chief executive Alan Simpson added: “We’ve seen in our Bricks and Building Materials division how cladding products supply has gone from strength to strength. With Topek, which will sit in our Contracting division, we will be building on that and expanding our existing product and services range into supply and installation as we continue to pursue our diversified multi-business strategy.”

Topek managing director Douglas Bryce, who co-owned the acquired business with Christopher McCrory, said: “We are excited to be joining the Brickability Group, adding our excellent product to their portfolio and allowing us the opportunity to provide our clients a broader offering of solutions.  The team at Brickability has built a formidable operation and we look forward to working alongside them in exploring new opportunities.”

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