Breedon has acquired the Lagan Group for £455 million.

The acquisition is in relation to only Kevin Lagan's part of the business.

Lagan Group was formed in the 1960s on the outskirts of Belfast by Kevin’s father, Peter Lagan, when he opened his first quarry at Whitemountain. Chairman Kevin Lagan has been the driving force behind the business for over 40 years, growing its turnover to £272 million, with combined earnings (EBITDA) of approximately £55 million in 2017.

Mr Lagan said: "Our committed and passionate staff at Lagan Group have contributed significantly to the development and growth of the business, differentiating us from our competition in all of the markets in which we operate. I'd like to thank the staff for the role they have played in the growth of Lagan Group, and I wish them every success as they enter an exciting new chapter with Breedon, who I am confident will build on that success, supporting the development of the business in the years ahead."

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Peter Tom CBE, Breedon's Executive Chairman, commented: "We are delighted to have completed our largest acquisition to date and particularly pleased that it has been so strongly supported by our shareholders.

"Over the last eight years we have pursued a successful buy-and-build strategy which has established Breedon as the largest independent construction materials business in the UK and the acquisition of Lagan is another strategic step for us. We believe it has the potential to add significantly to the Group’s performance and prospects and we are looking forward to working with our new colleagues to deliver further value for our investors."

(CD/MH)