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Metic Solutions Completes Two Acquisitions, Establishes platform for major new Building Systems & Pr
Added: (Mon Mar 03 2008)
Dublin, Ireland | 3rd March, 2008 - Metic Solutions (‘Metic’ or the ‘Group’), the Dublin based building systems and products group, today announced the completion of two acquisitions in the UK. The acquisitions bring together two highly respected and complementary businesses in the UK building systems sector. The businesses acquired are:
Company Consideration
Melayway Glass Assemblies Ltd (“Melayway”) £3.8 million
Space Decks Systems Ltd (“Space Decks”) £2.4 million
Metic Solutions is focused on building a leading European building systems and products group through the acquisition of a series of complementary, highly skilled specialist buildings systems businesses. It is expected that the combination of Melayway and Space Decks will contribute in excess of £23 million (€30 million) in revenue to the Group in the current financial year.
Melayway and Space Decks will continue to operate from their existing bases in Chard, Somerset and Stourbridge in the West Midlands, respectively. The existing management team and staff of each company will remain in place. In addition, Melayway Managing Director, Mr Stephen Field, has been appointed Group CEO for Metic Solutions.
Metic Solutions Chairman and Irish entrepreneur, Philip Marley, commented:
“We are delighted to announce the acquisitions of Melayway and Space Decks, two established and renowned businesses within the building systems sector. This sector is an attractive niche with good growth prospects. We are also very pleased to announce the appointment of Stephen Field as our Group CEO.
“Our vision is to create the dominant, European specialist building systems business. Such a business will provide the efficiencies of scale and strength of balance sheet to overcome the cash-flow problems that have typically affected the specialist, highly skilled, smaller independent businesses within this sector. We look forward to continuing to build a world class building systems business and to making further acquisitions to broaden and deepen Metic’s unique product offering.”
Metic Solutions CEO, Stephen Field, added:
“The powerful combination of Melayway and Space Decks will contribute significantly to Metic’s ability to work with developers, designers and architects on the pre-engineering stages of major projects. Using best-in-class expertise at the pre-engineering stage, which Metic can now provide, offers developers the potential to significantly enhance the profitability and returns of development projects.
“We look forward to complementing these two attractive businesses with further acquisitions, providing Metic with the systems and infrastructure to compete more effectively in both domestic and international markets on major development projects.”
About Melayway
Melayway, formed in 1993, specialises in glass, aluminium and timber curtain wall façades. Melayway has completed a number of high-profile projects including the £5 million Regents Quarter at Kings Cross, and the timber frame Jodrell Extension at Kew Gardens. In addition, Melayway has completed the £5.8 million Bristol Shopping Centre Complex and £1.7 million Shires Shopping Centre projects with Sir Robert McAlpine.
About Space Decks
Space Decks focuses on the design and installation of sophisticated glass and steel skylights. Space Decks has also completed a number of high-profile projects including the Bullring in Birmingham, British Airways HQ, SS Great Britain in Bristol, The Home Office, GCHQ and the Arndale Centre regeneration of Manchester City Centre. Space Decks is an established and recognised brand throughout the UK and internationally.
For further information on Melayway and Space Decks, please go to www.melayway.com, and www.spacedecks.co.uk.
For further information, please contact:
Stephen Field (Metic - Group CEO) 01384 373 433
Toby Hall/Christian Pickel (gth media) 020 7153 8035/8036