Proactive Investors - Hill & Smith Holdings PLC (LON:HILS), the FTSE 250-listed maker of motorway crash barriers, fencing and gates, has moved to strengthen its engineering position in the US with its fourth acquisition of the year.
Funded from the group's existing borrowing facilities, the acquisition is expected to be "modestly" earnings enhancing this year.
Structural steel specialist Whitlow Electric Service Company has been snapped up for just over $30 million (£23 million) from owner Bruce Whitlow, who will be staying with the business.
Based in the state of Georgia, Whitlow manufactures structural steel and substation components for the US electrical infrastructure market, and reported revenue of $27.4 million and underlying profits of $3.1 million for last year.
Saying it has known the business "for many years", Hill & Smith plans to integrate Whitlow into its Engineered Solutions division.
Executive chair Alan Giddins said Whitlow "is an excellent fit", noting that it operates in a high growth US electrical infrastructure market and builds on the purchase of New Jersey-based Capital Steel in January, adding a presence in the "attractive southeast US market".
HILS shares rose 0.5% to 2,015.5p on Tuesday morning, up almost 7% so far this year.