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Eurocell PLC on Friday said it has completed the acquisition of Alunet Ltd for £29 million, plus an earn-out.
The Alfreton, England-based manufacturer, recycler and distributor of window, door and roofline PVC products said the deal comprises of an initial payment of £22 million, plus deferred consideration of £7 million, payable in four annual instalments.
There is also the potential for up to £6 million in performance-related payments over four years that would raise the total consideration to £35 million.
Eurocell said the acquisition strengthens its strategy ‘significantly strengthening the group’s position in residential aluminium systems and composite doors, and adds garage doors to our product portfolio.’
Alunet includes aluminium systems house Alunet Sytems, timber door manufacturer Comp Door, aluminium garage door supplied JDUK and aluminium roller shutter garage door manufacturer UK Doors (Midlands).
Alunet reported revenue of £43 million in 2024, with earnings before interest, tax, depreciation and amortisation of £4.5 million.
Around £1 million of the initial consideration will be in the form of Eurocell shares and will be satisfied out of shares currently held in treasury.
The remainder will be in cash and funded from the group’s existing £75 million revolving credit facility.
Eurocell said it expects the acquisition to be accretive to underlying earnings for 2025.
Chief Executive Officer Darren Waters said: ‘Alunet is a great acquisition for Eurocell. It significantly strengthens our position in aluminium, enhances our composite door offering, and adds a premium range of aluminium garage doors to our portfolio of home improvement products.
‘Alunet has grown rapidly since its establishment in 2013, and under Eurocell’s ownership, we will leverage our leading market positions in new build, trade fabrication and distribution, to help the business reach its full potential.’
Shares in Eurocell were down 0.7% at 146.00 pence in London on Friday morning.
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