Missouri-based Lionmark is a construction materials and road surfacing business. It is expected to more than double Breedon's US revenue, increasing vertical-integration and diversifying its US business into asphalt and surfacing.
The acquisition of Lionmark follows Bridon’s $300m acquisition of Missouri readymix supplier BMC Enterprises Inc a year ago.
In the year to 30th November 2024, Lionmark recorded unaudited revenue of $246m. The group includes Indian Creek Materials, West Plains Bridge & Grading, Pace Construction and Innovative Roadway Solutions.
Andy Arnold, managing director of Breedon US, said: "The acquisition of Lionmark represents a significant milestone in the development of our US business. Lionmark is extremely complementary to our existing operations, diversifying BMC's product to supply asphalt and surfacing solutions into an attractive market which is well-positioned for future growth."
Breedon chief executive Rob Wood said: "The acquisition of Lionmark will more than double our US revenue, is expected to be immediately earnings enhancing for shareholders while allowing Breedon to maintain a conservative and flexible balance sheet to pay dividends and make further bolt-on acquisitions across each of our platforms as opportunities arise.
"In a year we have built a US business of scale that is already on a pro-forma basis the equivalent size of our Irish business. We are delighted to welcome our new colleagues to Breedon and look forward to working with them as we continue to expand Breedon's presence in the United States."
The acquisition of BMC in March 2024 helped Breedon grow group revenues by 6% in 2024 to £1,576m as revenue in its home market of Great Britain was down by 4%. Group profit before tax was £125.4m (2023: £134.4m) but was up 4% on an underlying basis.
On the annual results, Rod Wood said: "2024 was another successful year for Breedon. We entered the US market, delivered record revenue in the face of challenging conditions, and took care of our people. I am extremely proud of what our team has accomplished.”
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