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Sun September 22 2019

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Marshalls buys CPM for £38m

19 Oct 17 Precast concrete manufacturer CPM Group has been taken over by Marshalls for £38.3m.

CPM soakaway chambers
CPM soakaway chambers

CPM manufactures and sells concrete pipes, containment and inspection chambers, manhole covers, retaining walls and other bespoke industrial concrete products for the civil engineering sector. The company was formed in 2004 combining a drainage business in Much Wenlock with three additional works purchased from Hanson Building Products.

CPM made a pre-tax profit of £4.6m in 2016 on revenue of £51.2m. It operates from two manufacturing sites at Mells, in Somerset, and Pollington, near Goole in East Yorkshire, with ancillary offices in the Midlands and Scotland, employing around 350 people. 

The selling shareholders comprise the former directors of CPM Group and the trustees of their family pension schemes.

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Mike Stacey, former managing director of CPM, will remain with the business and join Marshalls' senior management team, reporting to chief executive Martyn Coffey.

Martyn Coffey said: “Marshalls' 2020 Strategy is to grow both organically and through carefully selected earnings enhancing bolt-on acquisitions with a particular focus on the identified growth areas of water management, security and mineral products. The acquisition of CPM represents a significant step towards achieving one of our strategic goals. CPM is a profitable business with a strong track record of quality and service, primarily targeting public sector and commercial end users and the acquisition will expand Marshalls' product range into below ground drainage.  We expect the business to trade, initially as Marshalls CPM, within the wider Marshalls Group."

Marshalls produces hard landscaping products and street furniture. In 2016 its made a pre-tax profit of £46m on revenue of £397m.

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