Polypipe is paying Manthorpe owners Paul and Carol Pochciol £52m for their business, together with associated freehold land and buildings, on a cash and debt free basis.
Based in Ripley, Derbyshire, Manthorpe’s product range includes dry fix roofing, ducting, cavity trays, loft doors, ventilation panels and plastic airbricks. It made a pre-tax profit of £4.9m in fiscal 2017 on turnover of £15.8m and has approximately 100 employees.
Based on management accounts, for the year to 30th April 2018 it generated revenue of £16.4m and adjusted EBITDA of £6.3m.
Polypipe, which listed on the London Stock Exchange in 2014, said that the acquisition would add to its UK residential offering in the water and climate management sectors “with differentiated, patented value-adding products”.
Polypipe chief executive Martin Payne said:
"The acquisition of Manthorpe Building Products is a perfect fit for us, expanding our product platform and market reach in the UK and Irish residential and RMI markets, which, like other parts of our business, are being positively impacted by legislative change. Manthorpe will be integrated into Polypipe's Residential Systems segment, where we will leverage the capabilities and synergies of the combined group to drive growth. We are delighted to welcome Manthorpe's management and employees to Polypipe and look forward to accelerating the strategic development of the enlarged group."
Polypipe said that Manthorpe had “a strong reputation for developing and patenting innovative new products using advanced processes and technology to provide market leading solutions”.