The acquisition, which will be immediately enhancing to SigmaRoc’s underlying earnings, is expected to complete within the next few weeks.
SigmaRoc plans to maintain JQG’s existing brands, management, manufacturing footprint, employees and distribution network. Commitment from SigmaRoc around these critical matters was crucial to the board of JQG in making their decision to proceed with the proposed sale. The existing management will continue within JQG and the current directors will form part of an advisory board for the business.
David Barrett, chairman of SigmaRoc, commented: ‘Johnston Quarry Group fits the SigmaRoc model well and I believe the benefits gained will be mutual. As a Group, we have focussed on building a portfolio of high-quality stand-alone businesses, to which we can add value through our improvement and integration efforts, while maintaining those aspects of each which are unique and successful. We look forward to welcoming the JQG team to SigmaRoc and see significant potential to create value in this business over time.’
Max Vermorken, chief executive officer of SigmaRoc, added: ‘JQG is a high-quality quarrying group with an attractive geographic footprint and a product range which offers both architectural and environmental benefits over alternatives. The acquisition extends our footprint significantly in several key markets within the UK, while offering the opportunity for further improvement and platform-based synergies.’
For Johnston Quarry Group, its employees and customers, this presents an exciting opportunity for the business to take another significant step in its future development. We are excited to welcome the SigmaRoc family to our business and to support SigmaRoc’s wider market presence which will allow us to broaden our customer, product and development base.
We look forward to 2022 with a great deal of enthusiasm and optimism in what continues to be a strong and thriving construction marketplace.