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(Sharecast News) - Building materials distributor Lords Group said on Monday that it has acquired a majority stake in Bicester-based business Ultimate Renewables.
Lords Group said it had purchased 90% of Ultimate Renewables for a total net cash consideration of up to 646,000, funded from existing facilities, with 450,000 to be paid on signing and up to a further 196,000 deferred for two years subject to certain conditions being met.
In addition, Lords will pay 256,000 of Ultimate Renewables' existing debt, immediately post-completion of the acquisition.
Chief executive Shanker Patel said: "The acquisition is a key strategic step in our ambition to support the energy transition to cleaner, renewable heating solutions. It is also complementary to our existing plumbing and heating division, increases our customer base and broadens our product and service offering."
As of 1015 GMT, Lords shares were up 3.00% at 37.80p.
Reporting by Iain Gilbert at Sharecast.com
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