Skelmersdale-based Sustainable Building Solutions UK has acquired Permarock Products for an undisclosed figure in a transaction supported by Barclays corporate banking.
Permarock supplies wall insulation and render systems. Prior to the acquisition it was a subsidiary of Carillion Energy Services, formerly Eaga, which Carillion acquired in April 2011.
The Permarock business currently employs 35 people with an annual turnover of £6.5m. The factory, management and staff are based in Loughborough.
Derek Horrocks, owner of Sustainable Building Solutions (UK), said: "My businesses have delivered significant growth in revenue and profit over recent years on the back of strong organic growth and selective acquisitions. We have been very impressed with the holistic approach from Barclays, their appetite to do business in the current financial climate, and their support is an endorsement of our strategy and illustrates both the strength of our balance sheet and the quality of our asset base."
The transaction was led for Barclays by relationship director Chris Wynne. Also advising SBS were law firm DLA Piper and accountants, Duncan Sheard Glass, both through their Liverpool offices.
Wynne said: "Barclays has enjoyed a strong relationship with Derek Horrocks over many years. Despite the worst recession in 30 years, Permarock continues to trade well, and Derek has continued to significantly grow his other businesses including St Annes Contractors whilst maintaining profitability and cash generation. With the potential growth in the External Wall Insulation market, Permarock is an excellent strategic fit and we look forward to seeing Derek's businesses go from strength to strength in the months and years ahead."