Tyman PLC Acquisition of Lawrence Industries (8435F)
12 Julio 2023 - 11:00AM
UK Regulatory
TIDMTYMN
RNS Number : 8435F
Tyman PLC
12 July 2023
TYMAN PLC
Acquisition of Lawrence Industries
Tyman plc ("Tyman" or the "Group"), a leading international
supplier of engineered fenestration components and access solutions
to the construction industry, is pleased to announce that it has
signed an agreement to acquire Barry G Lawrence, Inc., which trades
as Lawrence Industries ("Lawrence"). Lawrence designs, manufactures
and sells high-performance composite hardware for sliding and hung
windows to North American window fabricators, and is based in North
Carolina, USA.
Lawrence Industries
Tyman has signed an agreement to acquire 100% of Lawrence for an
initial consideration of $57.0 million on a debt and cash free
basis. Further contingent consideration of up to $12.5 million will
be based on stretching growth targets for the financial results for
the two years up to and including 31 December 2024. Consideration
is being funded from existing debt facilities, and financial
leverage is expected to remain within the Group's target range of
1.0-1.5x adjusted EBITDA by the end of 2023. For the financial year
ended 31 December 2022, Lawrence reported unaudited revenue of
approximately $20 million and profit before tax of approximately
$7.5 million, with gross assets as at 31 December 2022 of $3.4
million. The acquisition will be immediately earnings enhancing and
will report as part of Tyman's North America division.
Composite hardware provides an attractive, high performance,
low-cost product option and is a beneficiary of the growing demand
for affordable homes in North America. The acquisition is in line
with the Group's previously stated acquisition strategy and adds an
exciting new product category to AmesburyTruth's market-leading
portfolio of window and door hardware for the North American
market.
Founded in 2005 by Barry and Melissa Lawrence, Lawrence has over
50 employees and operates from a single location in Thomasville,
North Carolina. Brandon Lawrence, currently President of Lawrence,
will remain with the company to continue to drive the business
forward, and Lawrence will continue to go to market under the
Lawrence Industries brand name.
Current trading and H1 2023 Results
Since the publication of the AGM Trading Update on 19 May 2023
the Group's trading has continued in line with the Board's
expectations.
Tyman will announce its results for the six months ended 30 June
2023 on 25 July 2023.
Jason Ashton, Interim Chief Executive Officer, commented:
"I am delighted to welcome our new Lawrence colleagues to Tyman.
Lawrence is an excellent fit with AmesburyTruth's extensive product
portfolio, providing strong product and service platforms to the
attractive North American window market. We are confident that the
strategic partnership between AmesburyTruth and Lawrence will
provide an even stronger value proposition for our customers,
whilst providing a platform for Lawrence to accelerate its growth
journey as part of a larger group."
12 July 2023
Enquiries
Tyman plc ( investor.relations@tymanplc.com , 0207 9768000)
Jason Ashton - Interim Chief Executive Officer
Juliette Lowes - Interim Chief Financial Officer
Matt Jones - Head of Investor Relations
MHP ( tyman@mhpgroup.com , 020 3128 8613)
Reg Hoare / Rachel Farrington / Matthew Taylor
Notes to editors
Tyman (TYMN: LSE) is a leading international supplier of
engineered fenestration components and access solutions to the
construction industry. The company designs and manufactures
products that enhance the comfort, sustainability, security, safety
and aesthetics of residential homes and commercial buildings.
Tyman's portfolio of leading brands serve their markets through
three divisions: Tyman North America, Tyman UK and Ireland and
Tyman International. Headquartered in London, the Group employs
approximately 3,700 people with facilities in 16 countries
worldwide. Further information is available at www.tymanplc.com
.
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