Iliad Africa buys 2 building materials businesses

Posted On Wednesday, 11 July 2007 02:00 Published by
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Building materials supplier Iliad Africa has bought two businesses in the Eastern Cape and Limpopo as part of its strategy to enhance its geographical footprint in the building materials market, it said on Tuesday.

The financial details of the deals were not disclosed.

Construction Industry.USM Building Supplies, which is based in the Eastern Cape, adds trading outlets in Uitenhage and Jeffry's Bay and a truss plant in Dispatch, taking the Iliad network of outlets to 104.

It has an annual turnover of more than 100 million rand.

The acquisition is subject to approval of the competition authorities and the completion of the due diligence process. One-year profit warranties are in place, the company said.

Iliad has also bought Lumber City in Lephalale (formerly Ellisras) at net asset value.

The business will be rebranded Builders Market and existing management has been retained.

"This acquisition expands our presence in Limpopo, and positions Iliad well for the considerable capital projects planned in the region," said Ralph Patmore, chief executive officer of Iliad.

Patmore said these acquisitions would accelerate the group's stated intention of achieving turnover growth of 5 billion rand in the next few years.

Iliad is currently trading under a cautionary related to an unsolicited bid for the group's equity.

Interim results for the 2007 financial year will be announced towards the end of August.

 

Last modified on Wednesday, 16 October 2013 20:18

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