Travers Smith LLP has advised its long standing AIM-listed client Breedon Group PLC ("Breedon"), on the £336 million acquisition of Hope Construction Materials Limited ("Hope") from Cortolina Investments, which completed on 1 August 2016 following competition clearance by the CMA.
In connection with the acquisition of Hope, Travers Smith also advised Breedon on the divestment of 14 ready-mixed concrete plants pursuant to two separate agreements with Tarmac Trading Limited and The Concrete Company Limited.
Breedon’s combination with construction materials supplier Hope has created the UK’s leading independent producer of cement, concrete and aggregates and a vertically-integrated building materials group. The acquisition is consistent with Breedon’s strategy of organic growth combined with the continuing consolidation of the smaller end of the UK heavyside building materials industry.
The Travers Smith team which advised Breedon on the transaction was led by Head of Corporate Spencer Summerfield and corporate partner Jon Reddington, who were supported by corporate associate Tom Coulter. Competition partner Nigel Seay and associate Paul McComb acted on competition related aspects of the transaction, while real estate partner Julian Bass and associate Stuart Johnston advised on real estate elements of the deal.