Galliford Try has bought the Miller Construction business from Miller Group Holdings for a total price of £16.57 million.
The Acquisition is cash accretive and will be earnings enhancing in the year ending 30 June 2015 (including one-off restructuring costs).
Miller Construction is a UK only construction business which delivers building and infrastructure projects to both the public and private sectors. In the year to 31 December 2013, Miller Construction reported revenue of £409 million.
The acquisition of Miller Construction forms part of Galliford Try’s stated strategy of selective growth in its construction business, with a particular focus on developing positions on regional and national frameworks. The transaction accelerates the growth in construction turnover towards £1.25bn, and increases the 2018 target to circa £1.5bn.
Greg Fitzgerald, chief executive of Galliford Try, said:“We are delighted to announce the acquisition of Miller Construction, achieved at a very good price and with no net cash consideration. The acquisition brings together two construction businesses with a strong strategic fit and accelerates our strategy of growth into an improving marketplace.”