Dublin-based construction company McInerney Holdings said today it has acquired the Charlton Group (UK) Ltd for €13 million.
The company will pay an initial €9 million and the balance in earn-outs if Charlton, a Lancashire-based builder and civil engineer, hits profitability targets between now and September 2004.
Charlton specialises in starter homes and apartments on brownfield sites, McInerney said. It made pre-tax profits of £1.6 million in the year to end September; its net assets are valued at £2.4 million.
McInerney said Charlton made a good strategic fit in its three chosen markets of Ireland, the UK and Iberia and that the acquisition gives it a stronger foothold in the UK house-building market, which it described as "currently buoyant".
McInerney managing director Mr Barry O'Connor said today: "This move is part of our high-growth strategy. It is in line with our objective of spreading our capital base for the highest return across our three chosen geographical markets".
AFP