LONDON: Hill & Smith PLC, the international provider of sustainable infrastructure products and services, has acquired Capital Steel Service, LLC, a supplier of structural steel products and services to the electrical transmission and distribution market in the US East Coast.

The deal, worth up to $7.45m (c.£5.95m), is the fourth acquisition by Hill & Smith in the last 12 months, as part of its strategy to enter attractive, high growth markets. Capital Steel, led by Robert Hickman, who will remain with the business, will join V&S Schuler Utilities Group, within Hill & Smith’s Engineered Solutions division.

The acquisition will enhance Hill & Smith’s geographical reach, cross selling potential, and manufacturing capability. Capital Steel reported unaudited revenue of $8.1m and adjusted EBIT of $1.0m in the 12 months to 31 August 2023. The acquisition is expected to boost Hill & Smith’s earnings in 2024.

Alan Giddins, Executive Chair, said: “Capital Steel operates in one of our most attractive end markets, and the acquisition is in line with our strategy of acquiring businesses with strong long-term growth potential. We have known the business for many years, and it is an excellent fit with our existing, high growth US utility business. I am delighted to welcome Robert Hickman and his employees to the Group.”