Tyman raises £19.1m, acquires US-based Bilco for $71.0m

International building products supplier Tyman has raised about £19.1m in a placing of 8.5m shares with institutional investors at 225p each, having earlier agreed to acquire US-based Bilco at an enterprise value of $71.0m.

Net proceeds from the placing would be used to reduce Tyman's balance-sheet gearing and provide structural headroom on its banking facilities following the Bilco deal.

Bilco is a North American manufacturer of engineered access and egress products for the commercial and residential markets.

Chief executive Louis Eperjesi said the deal represented a strategic opportunity to add to its AmesburyTruth.

Tyman was seeking to develop its offering into the commercial sector in North America.

"Together with AmesburyTruth's existing product offering and our recent acquisition of Giesse we now have an extended portfolio of products and access to well established routes to the commercial sector of the market," Eperjesi said.

"We expect the Acquisition will be accretive to the Group's underlying earnings per share from 2017, will significantly strengthen the Group's existing business model and help deliver our growth objectives," he said.