SigmaRoc acquire remaining shares in Welsh quarrying firm
Tuesday, September 1, 2020 - 12:39
Group exercises option to acquire the remaining 60% in GD Harries for £7.5 million
AIM-listed buy-and-build construction materials company SigmaRoc plc are to purchase the remaining 60% of shares in GD Harries (GDH), one of Wales’s leading quarrying and construction materials groups.
In April 2019, SigmaRoc acquired a 40% equity interest in the Welsh firm for £4.89 million and entered into an option agreement to buy the remaining 60% for £7.5m on or before 31 August 2020. SigmaRoc have decided to exercise the option, with completion expected by 21 September.
Founded by Gerald D. Harries and built into one of the largest independent suppliers of aggregates in Wales by his son Ian Harries, GDH operate 17 production facilities, including seven hardstone quarries, six concrete plants, three asphalt plants and a wharf operation, as well as four road contracting units.
Max Vermorken, chief executive officer of SigmaRoc, commented: ‘Over the past 18 months we have assisted GDH with its development as a minority shareholder. As we are moving into a new phase of the development of the business, we look forward to continue to work with Ian Harries and his team to build and strengthen GDH as a member of the SigmaRoc Group.’