Marshalls buys CPM for £38.3m
Concrete and natural stone paving group Marshalls has bought CPM Group, which has its technical centre in Wombourne, for £38.3 million.
CPM, a pre-cast concrete manufacturer specialising in underground water management solutions, was established in 2004 and has its manufacturing sites in Mells, Somerset, and Pollington, Yorkshire. There is also an operation specialising in manholes in Leek.
Martyn Coffey, chief executive of Marshalls, said: "Marshalls' 2020 Strategy is to grow both organically and through carefully selected earnings enhancing bolt-on acquisitions with a particular focus on the identified growth areas of water management, security and mineral products.
"The acquisition of CPM represents a significant step towards achieving one of our strategic goals. CPM is a profitable business with a strong track record of quality and service, primarily targeting public Sector and commercial end users and the acquisition will expand Marshalls' product range into below ground drainage.
"We expect the business to trade, initially as Marshalls CPM, within the wider Marshalls Group."
In 2016 the group reported revenue of £396.9m and profit before tax of £46.0m. It has manufacturing sites in the UK and Belgium, and overseas offices in the US, Dubai and China and employs around 2,200 people.
Mike Stacey, former managing director of CPM, will remain with the business and will join Marshalls' senior management team, reporting to MrCoffey.