UK manufacturing giant Hill & Smith Holdings has completed the acquisition of a US designer, manufacturer and supplier of composite pipe, conduit and bridge drain infrastructure systems in a deal worth approximately £11.4m.
Hill & Smith was founded by Edward Hill in 1824 and was known as Hill’s Ironworks, based in Brierley Hill in Solihull, West Midlands.
Hill & Smith was first listed on the London Stock Exchange in March 1969. Since that time, the company has grown organically and through acquisition to become an international Group with leading positions in the supply of infrastructure products and galvanizing services.
The group has purchased the business and assets of United Fiberglass of America from a charitable foundation.
United Fiberglass, located in Springfield, Ohio, is a designer, manufacturer and supplier of composite pipe, conduit, and bridge drain infrastructure systems. Its products, with a combination of high strength, lightweight and resistance to corrosion can be found in a wide range of application environments, above and below ground, including those serving utility, infrastructure, transportation and industrial markets across the US.
United Fiberglass will become part of Hill & Smith’s composites business, Creative Composites Group, within our Engineered Solutions division. The business is highly complementary to our existing composite activities and will further accelerate our strategy in this exciting and growing market, expanding our customer base and product range, while also providing additional manufacturing capability and purchasing synergies.
In the 12 months to 30 September 2023, United reported unaudited revenue of $9.9m, adjusted EBIT of $1.8m and gross assets* of $7.2m. The acquisition is expected to be earnings enhancing to the Group in 2024.
Alan Giddins, Hill & Smith Chief Executive said:
“The acquisition of United Fiberglass is in line with our strategy of acquiring businesses within niche markets with strong long-term growth potential and doing so outside of a formal auction process.
“United Fiberglass is a business we have known for many years and is an excellent fit with our existing, high growth US composites business.”