Breedon buys out construction firm Lagan Group for £455m
It was revealed today that one of the UK’s largest construction firms, Leicestershire-based Breedon Group, bought out Northern Irish building firm Lagan Group for £455 million on Tuesday morning.
The purchase of Lagan Group included nine ready-mixed concrete plants, nine quarries, thirteen asphalt plants and a cement plant.
(Image credit: Wikimedia)
In a statement, Breedon said, “The Acquisition enables Breedon to enter the attractive Irish construction market and provides significant opportunities to expand upstream through the aggregates business in Ireland and downstream through the asphalt and ready-mixed concrete operations.”
They also said they hope to make “cost synergies” of £5m.
There are currently 750 employees of Lagan Group.
Meanwhile, Breedon employees nearly 3,000 people. The company also has around 870 million tonnes of mineral reserves and resources.
What the officials have said
Chairman of Lagan Group Kevin Lagan said, “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.
“I’d like to thank the staff for the role they have played in the growth of Lagan Group. 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.”
Breedon Group’s Chief Executive Pat Ward continued, “Lagan represents a unique opportunity to enter a growing market with immediate scale and excellent opportunities for expansion.
“Lagan is well-run and well-invested, with an experienced management team and a strong track record. Its culture is complementary to our own, with a sharp focus on customer service, a first-class workforce and a commitment to safety, which is a key priority for us.
“From a strategic perspective, it provides us with a stronger platform from which to pursue further organic growth and bolt-on acquisitions.”