Heijmans finalises acquisition of leadbitter in England

With three offices in Oxford, Bristol and Bracknell and over 300 staff, Leadbitter is active in southern England. The company is primarily active in public sectors such as social housing, schools, health care and leisure. Approximately 90% of turnover originates from the public sector. Leadbitter has an excellent track record with clients and close ties with housing associations. More than 80% of turnover is realised in large-scale projects. The company is not active in risky project development and has no land positions, participating instead in the financing of projects.

 

Leadbitter expects to realise turnover of approximately EUR 160 million in 2003. Profitability is near the Heijmans' average. The company expects a significant increase in turnover in the period up to 2006. One of the reasons for Leadbitter to affiliate itself with Heijmans is to realise this growth with the assistance of a strong partner, amongst other things by opening new offices. Leadbitter will continue to operate on the English market under its own name and current management. The current management will continue to be associated with the company on a long lasting basis. Part of the purchase price will, as proof of confidence in the successful co-operation, be used by Leadbitter's management for the purchase of approximately 225,000 depositary receipts for Heijmans shares on the stock market. These receipts will at least be kept for a period of three years.

 

The acquisition is part of Heijmans NV's strategy to expand its activities to neighbouring countries, with a view to risk dispersal, the exchange of knowledge and the better utilisation of economies of scale. In addition to Germany and Belgium, the United Kingdom is considered to be an important market. Leadbitter will be a significant bridgehead for Heijmans in the United Kindom.