REG - Tyman PLC - Acquisition of Lawrence Industries

TymanAnnouncement

12/07/2023 17:00

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RNS Number : 8435F  Tyman PLC  12 July 2023

TYMAN PLC

Acquisition of Lawrence Industries

Tyman plc ("Tyman" or the "Group"), a leading international supplier of
engineered fenestration components and access solutions to the construction
industry, is pleased to announce that it has signed an agreement to acquire
Barry G Lawrence, Inc., which trades as Lawrence Industries ("Lawrence").
Lawrence designs, manufactures and sells high-performance composite hardware
for sliding and hung windows to North American window fabricators, and is
based in North Carolina, USA.

Lawrence Industries

Tyman has signed an agreement to acquire 100% of Lawrence for an initial
consideration of $57.0 million on a debt and cash free basis. Further
contingent consideration of up to $12.5 million will be based on stretching
growth targets for the financial results for the two years up to and including
31 December 2024. Consideration is being funded from existing debt facilities,
and financial leverage is expected to remain within the Group's target range
of 1.0-1.5x adjusted EBITDA by the end of 2023. For the financial year ended
31 December 2022, Lawrence reported unaudited revenue of approximately $20
million and profit before tax of approximately $7.5 million, with gross assets
as at 31 December 2022 of $3.4 million. The acquisition will be immediately
earnings enhancing and will report as part of Tyman's North America division.

Composite hardware provides an attractive, high performance, low-cost product
option and is a beneficiary of the growing demand for affordable homes in
North America. The acquisition is in line with the Group's previously stated
acquisition strategy and adds an exciting new product category to
AmesburyTruth's market-leading portfolio of window and door hardware for the
North American market.

Founded in 2005 by Barry and Melissa Lawrence, Lawrence has over 50 employees
and operates from a single location in Thomasville, North Carolina. Brandon
Lawrence, currently President of Lawrence, will remain with the company to
continue to drive the business forward, and Lawrence will continue to go to
market under the Lawrence Industries brand name.

Current trading and H1 2023 Results

Since the publication of the AGM Trading Update on 19 May 2023 the Group's
trading has continued in line with the Board's expectations.

Tyman will announce its results for the six months ended 30 June 2023 on 25
July 2023.

Jason Ashton, Interim Chief Executive Officer, commented:

"I am delighted to welcome our new Lawrence colleagues to Tyman. Lawrence is
an excellent fit with AmesburyTruth's extensive product portfolio, providing
strong product and service platforms to the attractive North American window
market. We are confident that the strategic partnership between AmesburyTruth
and Lawrence will provide an even stronger value proposition for our
customers, whilst providing a platform for Lawrence to accelerate its growth
journey as part of a larger group."

12 July 2023

Enquiries

Tyman plc (investor.relations@tymanplc.com
(mailto:investor.relations@tymanplc.com) , 0207 9768000)

Jason Ashton - Interim Chief Executive Officer

Juliette Lowes - Interim Chief Financial Officer

Matt Jones - Head of Investor Relations

 

MHP (tyman@mhpgroup.com (mailto:tyman@mhpgroup.com) , 020 3128 8613)

Reg Hoare / Rachel Farrington / Matthew Taylor

Notes to editors

Tyman (TYMN: LSE) is a leading international supplier of engineered
fenestration components and access solutions to the construction industry. The
company designs and manufactures products that enhance the comfort,
sustainability, security, safety and aesthetics of residential homes and
commercial buildings. Tyman's portfolio of leading brands serve their markets
through three divisions: Tyman North America, Tyman UK and Ireland and Tyman
International. Headquartered in London, the Group employs approximately 3,700
people with facilities in 16 countries worldwide. Further information is
available at www.tymanplc.com (http://www.tymanplc.com/) .

 

 

 

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