SigmaRoc bought 40% of GD Harries & Sons (GDH) in April 2019 for £4.89m and entered into an option agreement to buy the remaining 60% for £7.5m. This option is now being exercised, with completion anticipated on or around 21st September 2020.
GDH operates 17 production facilities, including seven hardstone quarries, six concrete plants, three asphalt plants and a wharf operation, as well as four road contracting units. It was founded in 1977 by Gerald Harries and built up by his son Ian Harries, who will continue to be involved. An independent assessment of its mineral assets by SLR Consulting has indicated close to 80 million tonnes of reserves and resources.
SigmaRoc chief executive Max Vermorken said: “Over the past 18 months we have assisted GDH with its development as a minority shareholder. As we are moving into a new phase of the development of the business we look forward to continue to work with Ian Harries and his team to build and strengthen GDH as a member of the SigmaRoc Group."
AIM-listed SigmaRoc was established in 2016 by an ex-Holcim team with the strategy of buying niche building materials companies to develop a group, much like Breedon has done. Its first acquisition was Ronez, a Channel Islands quarrying and concrete business bought from LafargeHolcim for £45m in December 2016. A year later it paid £12m for Topcrete and Allen Concrete and then another £10m for Poundfield. In December 2018 it paid £15m for CCP (formerly Cheshire Concrete Products).