Breedon, the East Midlands-based construction materials group, has acquired Lionmark Construction Companies in a £187m deal.
Lionmark is a Missouri-headquartered construction materials and surfacing solutions business with a focus on road infrastructure end markets. The acquisition is expected to more than double Breedon’s US revenue and diversify its US product offering into asphalt and surfacing.
In the twelve months ended 30 November 2024, Lionmark recorded unaudited revenue of $246m and unaudited adjusted EBITDA of $31m.
Andy Arnold, Managing Director, Breedon US, said: “The acquisition of Lionmark represents a significant milestone in the development of our US business. Lionmark is extremely complementary to our existing operations, diversifying BMC’s product to supply asphalt and surfacing solutions into an attractive market which is well-positioned for future growth.”
Rob Wood, Chief Executive Officer, said: “The acquisition of Lionmark will more than double our US revenue, is expected to be immediately earnings enhancing for shareholders while allowing Breedon to maintain a conservative and flexible balance sheet to pay dividends and make further bolt-on acquisitions across each of our platforms as opportunities arise.
“In a year we have built a US business of scale that is already on a pro-forma basis the equivalent size of our Irish business. We are delighted to welcome our new colleagues to Breedon and look forward to working with them as we continue to expand Breedon’s presence in the United States.”
The news came alongside Breedon’s results for the year ended 31 December 2024, in which underlying revenue grew 6% to £1.57bn and underlying profit before tax grew 4% to £150.8m.
