Landscape products company Marshalls has acquired pre-cast concrete manufacturer CPM Group in a £38m deal.
CPM Group specialises in underground water management solutions and manufactures a wide range of concrete pipes, containment chambers and other concrete infrastructure products.
The company turned over £51m in 2016 and employs approximately 350 people, most of whom are based at its manufacturing sites at Mells, Somerset and Pollington, East Yorkshire.
From now on, CPM Group will trade as Marshalls CPM and its managing director Mike Stacey will be staying on.
Marshalls’ group finance director, Jack Clarke, said: “We firmly believe that the addition of CPM’s products will accelerate our progress towards reaching our vision, and enable us to offer our customers new products that expand our existing water management offering.
“We believe there is a good fit, both economically and culturally, between CPM and the Marshalls group, and that this transaction will be for the benefit of all our employees.”
Mike Stacey, managing director at CPM Group, added: “We are thrilled to be a part of the Marshalls Group of businesses, and I know I speak on behalf of the rest of the senior leadership team that we are all looking forward to the future.”