Hard landscaping manufacturer, Marshalls plc, has announced it has acquired CPM Group Limited, a pre-cast concrete manufacturer specialising in underground water management solutions, for £38.3m.
Landscaping manufacturer Marshalls makes and distributes hard landscaping products, minerals including aggregates, ready mix mortar and street furniture.
In the year ended 31st December 2016, the company reported revenues of £396.9m and a pre-tax profit of £46.0m.
Marshalls, which has manufacturing sites in the UK and Belgium and overseas offices in the US, Dubai and China, employs around 2,200 people.
The Somerset-based company CPM manufactures and sells a wide range of concrete pipes, containment chambers and other concrete infrastructure products.
The company turned over £51m in 2016 and employs approximately 350 people, mainly at its manufacturing sites at Mells, Somerset and Pollington, East Yorkshire.
From today, CPM Group will trade as Marshalls CPM, and for the foreseeable future will continue to run as a standalone business.
Water Management has long been a strategic focus area for Marshalls, and it plays a key role in the company’s future vision.
Marshalls’ group finance director, Jack Clarke, said: “We firmly believe that the addition of CPM’s products will accelerate our progress towards reaching our vision, and enable us to offer our customers new products that expand our existing Water Management offering.
“We believe there is a good fit, both economically and culturally, between CPM and the Marshalls group, and that this transaction will be for the benefit of all our employees.”
Mike Stacey, managing director at CPM Group said: “We are thrilled to be a part of the Marshalls Group of businesses, and I know I speak on behalf of the rest of the senior leadership team that we are all looking forward to the future.
“Marshalls and CPM both have a reputation for quality and innovation. By combining the strengths of Marshalls and CPM, we expect there to be opportunities for our companies to accelerate profitable sales growth and extend access to new customers and markets.”