The remaining equity interest in Welsh quarrying and haulage company GD Harries (GDH) will be snapped up by buy-and-build construction materials group SigmaRoc later this month.
The group acquired 40% of the South Wales business in April 2019 and entered into an option agreement to buy the remaining 60%, which it has decided to exercise.
The consideration will be funded through internal resources following what SigmaRoc called “strong cash generation” during the first half of 2020.
Completion is anticipated on or around 21 September.
GDH is a major quarrying, asphalt, concrete and contracting business located in South Wales. It operates 17 production facilities, including seven hardstone quarries, six concrete plants, three asphalt plants and a wharf operation, as well as four road contracting units.
The business was founded by Gerald Harries and built into an independent regional supplier by his son Ian, who will continue to have an active involvement in the company.
David Barrett, SigmaRoc chairman, said: “We are very happy to have been able to keep our promise to fund the entire acquisition of GDH from internal resources to the benefit of our shareholders.
“As we move forward we will, with the assistance of Ian Harries, continue the success he and his family built.”