Hill & Smith buys Parking Facilities for £12.4m

Infrastructure products supplier Hill & Smith has bought parking and access control products manufacturer Parking Facilities for £12.4m in cash.

Hill & Smith made the acquisition, which it funded from existing debt facilities, on a debt and cash-free basis.

In the year ended 30 November, Parking Facilities reported revenues of £10.8m, underlying earnings of £2.1m and net operating assets of £3m.

The FTSE 250 company said it expects the acquisition to be earnings enhancing in the first full financial year following completion.

Chief executive Derek Muir said: "Parking Facilities has a wide range of high-quality products that complement our existing Hostile Vehicle Mitigation and related security product offering, enabling us to provide comprehensive perimeter security solutions to customers in both UK and international markets."

As of 0825 BST, H&S shares had inched ahead 0.40% to 1,250p.