Building products giant Marshalls has bought pre-cast concrete specialist CPM Group Limited for £38.3m.
CPM specialises in underground water pipes and associated products for new housing and infrastructure sites.
CPM employs 350 people operating from two manufacturing sites at Mells, in Somerset, and Pollington, near Goole in East Yorkshire.
For the last financial year to December 2016 it reported revenue of £51.2m and profit before tax of £4.6m.
Martyn Coffey, Chief Executive of Marshalls, said: “Marshalls’ 2020 Strategy is to grow both organically and through carefully selected earnings enhancing bolt-on acquisitions with a particular focus on the identified growth areas of water management, security and mineral products.
“The acquisition of CPM represents a significant step towards achieving one of our strategic goals.
“CPM is a profitable business with a strong track record of quality and service, primarily targeting Public Sector and Commercial end users and the acquisition will expand Marshalls’ product range into below ground drainage.
“We expect the business to trade, initially as Marshalls CPM, within the wider Marshalls Group.”
Mike Stacey, former Managing Director of CPM, will remain with the business and will join Marshalls’ senior management team, reporting to Martyn Coffey.
