Lords Group Trading plc has announced the acquisition of Advance Roofing Supplies for a total of £3.74 million.
Established in 1994, Advance Roofing Supplies is an independent supplier of roofing materials, specialising in pitched and flat roofing sales to customers locally and nationally.For the year ended 31 March 2021, Advance generated EBITDA of £0.6 million on revenues of £6.8 million.The acquisition has been funded from Lords’ existing resources and is expected to be immediately earnings accretive post completion.
Currently operating from two locations, Aylesbury in Buckinghamshire and Long Marston in Hertfordshire, the acquisition of Advance is described as strengthening the Group’s Merchanting division, increasing product range, and expanding the Group’s customer base.
In due course, Lords is planning to expand the brand via implants into relevant Merchanting locations, starting with the Beaconsfield site which itself is currently undergoing an extensive redevelopment to enable extended product range and capacity.
Shanker Patel, CEO of Lords, said: “The acquisition of Advance Roofing Supplies further strengthens our service capabilities to existing customers and will offer significant synergies with our Merchanting division. We are delighted to bring Advance Roofing Supplies into the Group, and welcome its 15 employees to our team, as we continue to focus on serving our customers with a wider range of products and services.”
The acquisition is in line with the Group’s bolt-on acquisition strategy announced at IPO in July 2021, with the business continuing to demonstrate a successful delivery of organic and inorganic growth. Established over 35 years ago as a family business with its first retail unit in Gerrards Cross, Buckinghamshire, Lords now operates from 36 sites across its Merchanting (27) and Plumbing & Heating (9) divisions. It maintains an intention to “become a £500 million turnover building materials distributor group by 2024” as it grows its national presence.
