Steel & Tube NZ Ltd completed the acquisition of the business of Composite Floor Decks Ltd on Monday. Composite installs steel floor decking systems.
Steel & Tube chief executive Dave Taylor said the companies had had a relationship since 2005, when Composite’s UK-based parent formed it to service the New Zealand market.
Mr Taylor said Steel & Tube had the licence to manufacture & market ComFlor and the acquisition would enhance its supply chain capabilities, creating an end-to-end process from manufacture through to installation.
The consideration was for an initial $13.25 million and 3 earnout payments of $1 million each if financial milestones are met over the next 2 years.
Attribution: Company release.