Breedon Aggregates acquires half of H V Bowen.
3 September 2014 - UK aggregates supplier Breedon Aggregates Ltd (LON:BREE) (LON:MMAT) said today it had bought 50% of H V Bowen & Sons (Holdings) Ltd without specifying the amount paid.
Breedon financed the deal with cash on hand.
H V Bowen owns and operates the Tan-y-Foel quarry in Wales, as well as a ready-mixed concrete facility. The business will continue to trade under the H V Bowen name and will be jointly run by Breedon Aggregates England Limited, a unit of Breedon Aggregates, and the Bowen family, who have owned the quarry for over seven decades.
The transaction will provide Breedon with an interest in about 3.4m tonnes of strategically important high polished stone value (PSV) aggregates and expand the company's activities to mid-Wales, the buyer said.
With this deal, Breedon Aggregates England will be able to provide a ready supply of PSV aggregates to its asphalt facilities and to expand its footprint into an important new market for aggregates and readymix, CEO Tim Hall noted.
Sector: Construction/Real Estate
Target: H V Bowen & Sons (Holdings) Ltd
Buyer: Breedon Aggregates Ltd
Vendor: The Bowen family
Type: Corporate acquisition