Severfield-Rowen buys into Irish market
Action Merchants (AML), the holding company of Northern Ireland- based constructional steelwork firm Fisher Engineering has been acquired by Severfield-Rowen.
A total consideration of approximately £90M has been agreed upon, of which £36.6M will be satisfied by the issue of 1,750,000 new shares, with the balance in cash.
Peter Levine, Severfield-Rowen Chairman, commented: “With its strong client base, robust order book and focus on good quality business, Fisher is an excellent fit.”
The Fisher acquisition will ex- tend Severfield-Rowen’s leading market position in the UK as well as giving it a stronger presence in the growing Irish steel construction market.
“We have known Severfield for many years as a respected com- petitor and now look forward to working with them going forward,” said Fisher’s Joint Managing Directors, Ian Cochrane and Ernie Fisher.
In a separate deal, Severfield- Rowen has also agreed to acquire Dalton Airfield Estate which owns the long leasehold title to the Group’s headquarters and the freehold title to a little over half of Severfield-Reeve Structures’ fabrication facility.