SigmaRoc plc (AIM:SRC) agreed to acquire Johnston Quarry Group Limited from Giantflow Limited, Flowgiant Limited and Nicholas Johnston for £35.5 million on January 4, 2022. As part of the Acquisition, SigmaRoc has also conditionally agreed to purchase from the Sellers two further quarries, together with additional mineral reserves, for a total potential consideration of £14.5 million. The Acquisition consideration will be funded from the Group's existing resources, including the assumption of up to £6 million of JQG's long term debt and up to £3.6 million in plant hire contracts.

For the 12 months to September 30, 2021, Johnston Quarry Group reported revenue of £14.7 million, generating EBITDA of £5.9 million. JQG had gross assets of £22.1 million and net assets of £6.9 million primarily in land, mineral reserves and plant and machines. Nicholas Johnston, JQG's founder, will remain available in an advisory capacity as required for smooth integration.

The acquisition, which will be immediately enhancing to SigmaRoc's underlying earnings, following the satisfaction of certain completion conditions, is expected to complete in the next few weeks. James Spinney, James Dance, and Rob Patrick of Strand Hanson Limited acted as a financial advisor to SigmaRoc plc.