Posted on Tuesday 17 April 2018 by Ulster Business
Northern Ireland construction giant Lagan Group has been sold to a listed UK firm for £455m, it has emerged.
In one of the largest business transactions here this year, the deal will see Breedon taking on acquiring Whitemountain, Lagan Cement, Lagan Brick, Lagan Asphalt and Welsh Slate.
However, Lagan Homes is not being sold off.
“Our committed and passionate staff at Lagan Group have contributed significantly to the development and growth of the business, differentiating us from our competition in all of the markets in which we operate,” Kevin Lagan said.
“I’d like to thank the staff for the role they have played in the growth of Lagan Group, and I wish them every success as they enter an exciting new chapter with Breedon, who I am confident will build on that success, supporting the development of the business in the years ahead”.
According to the company, Kevin Lagan and his family “intend to pursue a managed growth strategy with the Lagan Homes and FastHouse businesses, which are being retained”.
In its latest set of accounts, the Lagan Homes business posted total turnover of around £76m, with combined profit before tax coming in at around £10m.
Peter Tom CBE, Breedon’s executive chairman, said:
“We are delighted to have completed our largest acquisition to date and particularly pleased that it has been so strongly supported by our shareholders.
“Over the last eight years we have pursued a successful buy-and-build strategy which has established Breedon as the largest independent construction materials business in the UK and the acquisition of Lagan is another strategic step for us.
“We believe it has the potential to add significantly to the group’s performance and prospects and we are looking forward to working with our new colleagues to deliver further value for our investors.”