A Further Building Block for Livingstone

  • abr. 2007

Thermalite, the UK’s largest manufacturer of aerated
lightweight concrete blocks has been sold to Hanson plc for cash
consideration of £120million, following a tightly controlled
auction conducted by Livingstone.

The vendor was Etex Group SA, the privately-owned Belgian
construction materials group which acquired the Thermalite business
as part of its acquisition of Marley plc in 1999. Thermalite has
since become the UK market leader in the supply of lightweight,
environmentally friendly aircrete block products for use in
foundations, walls and floors of residential, commercial and
industrial buildings.

Thermalite has annual production is in excess of 1 million cubic
metres, with a UK market share of over 30%. In 2004, Thermalite
generated EBITDA of £17.7 million and employs 390
people.

Livingstone Director, Alex Sheffield comments: “Thermalite is
the market leader in a sub sector of the heavy building materials
market that is well positioned for significant future growth. It is
a highly attractive asset that generated strong interest from
potential purchasers in Britain and overseas. It was perhaps no
surprise that the highest bid came from Hanson plc, one of the
world’s largest producers of concrete products, with
significant operations in the UK via its Hanson Building Products
subsidiary”.

For Ken Sharp, Group Finance Director at Etex, the deal represented
the renewal of an acquaintance with Livingstone – but this
time they were on the same side of the table. He says: “I
first came across the firm in 2002 when we acquired a fire
protection business from Cape plc. Livingstone were acting for the
vendors and I decided at the time that if ever the right
opportunity presented itself, I would want to work with them. When
we decided to dispose of Thermalite they were my first
choice”.

He added: “My confidence had not been misplaced: I am
extremely pleased with the manner in which Livingstone handled the
marketing exercise, and its entire performance throughout the
transaction”.

Livingstone Partner, Simon Cope-Thompson adds: “We are
delighted to have been invited to assist Etex with the sale
process. This deal is another example of the consolidation taking
place within the construction products industry”.

Livingstone’s Construction Products team has completed ten
such transactions in the last couple of years, including the sale
of Woodhall Spa Sand & Gravel to Aggregates Industries plc in
2004.

Simon Cope-Thompson, Partner
Tel: 020 7484 4706
Email: sct@livingstonepartners.co.uk


Alex Sheffield, Director

Tel: 020 7484 4734
Email: asheffield@livingstonepartners.co.uk


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