Interserve has bought the US formwork and shoring business CMC Construction Services in a deal worth £22 million.
Interserve said it will help with the firm’s expansion into the US, the world’s biggest construction market.
The CMC business will be merged into Interserve’s Equipment Services division upon completion of the deal, with Interserve keeping the majority of CMC’s management and senior staff.
A statement accompanying today’s announcement said: “The acquisition is the next step in Interserve’s strategy to expand its international growth with a fuller service offering, a major part of its platform for long-term growth. CMC has been one of the leading resellers of formwork and shoring solutions in the USA, primarily serving the civil engineering markets in Texas, Colorado and California, and has been a customer of its Equipment Services business since 2004.”
Interserve chief executive Adrian Ringrose said: “This expands the group’s international footprint and provides an attractive growth opportunity for our Equipment Services division at a price that we believe represents excellent value for shareholders. We are excited by the opportunity to leverage our expertise and experience within Equipment Services to generate significant growth in the US over the coming years.”