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Infrastructure products specialist Hill & Smith Holdings has completed the acquisition of Parking Facilities for a cash consideration of £12.4m, on a debt and cash free basis.
The consideration will be funded from the group's existing debt facilities.
Based in Tamworth, UK, Parking Facilities specialises in the design, manufacture and supply of a market-leading range of parking and access control products including cantilever, bi-fold and swing gates, automatic and manual barriers, automatic bollards, rising kerbs, speed ramps and access control equipment.
Parking Facilities also offers a bespoke service from design to manufacture, supplying custom-built products to match existing surroundings.
Chief executive Derek Muir commented: 'Parking Facilities has a wide range of high quality products that complement our existing Hostile Vehicle Mitigation and related security product offering, enabling us to provide comprehensive perimeter security solutions to customers in both UK and international markets.'
At 9:14am: (LON:HILS) Hill Smith Holdings PLC share price was -0.5p at 1244.5p