Specialist brick manufacturer Michelmersh has acquired all of the shares of Belgium-based business Floren & Cie
Michelmersh is to pay €9.9m (~£8.7m), with €9.4m paid on completion of the acquisition and a deferred consideration of 400,000 Michelmersh ordinary shares – with a value no greater than €500,000 – in 24 months if certain targets are met.
Floren’s strategic programme of investment includes an array of ecological measures to advance the brick making process, such as improvement of insulation to both kiln and dryers, and the installation of a state-of-the-art steering program for the dryers, avoiding energy losses and optimising the drying curves.
The current production process is largely automated, however, the company maintained the capacity for human intervention to manipulate each facing brick on a product line to offer a bespoke finish.
The acquisition will enhance Michelmersh’s UK product portfolio and increase the group’s scale whilst also providing access to new European markets, such as the wider Benelux and German audiences. Floren is more than qualified to sit in line with the Company’s premium centric market strategy, due to its premium product range and desirable aesthetics.
Michelmersh has said it is proud to add Floren to its expanding portfolio as brick specialists.
The group has welcomed the Floren team to the business and looks forward to building on the significant success already achieved by its dedicated team in Antwerp.