ALTX-listed Brikor has acquired the Zululand Quarries Group for a cash price of R102 million.

The deal was signed last week and the effective transaction date, which included the acquisition of all shareholders’ claims against the group, is February 29, Brikor said on Tuesday.

The Zululand Quarries Group is an aggregate and ready-mixed concrete business with its own quarry and crusher operation and is involved in making concrete bricks, blocks, roof tiles and fittings. It has a 200-strong staff.

Other companies Brikor is acquiring include Hanis Investments, Impala Construction Supplies, Tugela Ready Mix, Stanger Brick and Tile, Stanbrik Roof Tiles and Natal Sand Supplies.

Outgoing Zululand Quarries shareholder Jannie Habig has entered into confidentiality and restraint agreements with Brikor and key management staff in the Zululand Quarries Group.

Brikor concrete division MD Alwyn Cronje said acquisition of Zululand Quarries was in line with the group’s growth strategy and its geographical expansion plan, to have a national footprint.

“It will be Brikor’s first entry into the coastal regions. The product range of Zululand Quarries falls within the diversification strategy of Brikor and it also strengthens Brikor’s product offering. The provincial location offers Brikor a strategic entrance and opportunity to offer clay bricks to the KwaZulu-Natal market,” Cronje said.

The Zululand Quarries facility and infrastructure would enable Brikor to increase and improve service levels and product availability to such customers, he said.

The Competition Commission has unconditionally approved the Brikor acquisition. It has traded under a cautionary announcement since November 2, but the cautionary has been withdrawn.