IKO Plc has agreed financial terms with shareholders for the acquisition of Pure Asphalt Company Ltd, subject to regulatory clearance. The acquisition of the Bolton-based firm is expected to be completed within 3 months.
IKO group managing director Andy Williamson commented that the acquisition is part of IKO’s continued expansion strategy within the UK construction industry. It is expected to add capacity and employment prospects across the company.
Mazars LLP were appointed as financial due diligence providers for the acquisition, whilst IKO turned to national law firm Weightmans LLP for legal advice.
Paul Raftery, Weightmans corporate partner in Manchester, commented: “It was a pleasure to work with Andy and his team and I have every expectation that Pure Asphalt will prove to be an excellent addition to the IKO group.”
The shareholders of Pure Asphalt Company Ltd were advised by Andy Feeke at CLB Coopers in relation to corporate finance and taxation advice with Nick Gabay at Thompson, Snell & Passmore LLP providing legal advice.
