Hill & Smith PLC (HILS.L), a provider of infrastructure and building products, announced on Wednesday, an agreement to acquire an 80 percent stake in Freeberg Industrial Fabrication Corp., a designer and manufacturer of custom enclosures and engineered systems for data centers, power generation, and infrastructure markets.
The initial cash consideration for the transaction is $36 million on a debt- and cash-free basis.
Additional payments of upto $50 million may be made for the remaining 20 percent stake, depending on Freeberg's profitability through December 2031. Freeberg's CEO, Marc Brown, will continue to lead the business following the transaction.
In 2025, Freeberg reported unaudited revenue of $31.7 million and adjusted EBIT of $5.3 million. Hill & Smith expects the acquisition to close in the second quarter of 2026 and be earnings accretive that year.
HILS.L is currently trading at GBP 2,230.00, down GBP 15.00 or 0.67 percent on the London Stock Exchange.
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