Kingspan acquires UK company to expand light and air division
Insulation maker in the process of acquiring UK-based Colt Group
Kingspan chief executive Gene Murtagh. The firm will acquire Colt Group. Photograph: Cyril Byrne
The deal, the terms of which haven’t been disclosed, is expected to close by the middle of next month and Kingspan said it will see Colt become an “integral part of the Kingspan light and air division”.
Davy analyst Flor O’Donoghue said the deal will increase the division’s annual revenue base by about 60 per cent to more than €500 million and add about 2 per cent to trading profits over a full year.
“No terms are known, but the transaction will not affect Kingspan’s financial position to any extent,” he said.
Colt, which has manufacturing sites across the UK, Germany, the Netherlands, Saudi Arabia and China, employs more than 1,000 staff. Mr O’Donoghue said it had revenues of £180 million (€205 million) in 2018 of which about 75 per cent came from Europe except for the UK.
The deal is due to complete next month and is subject to clearance by competition authorities in some European markets.