Scottish housebuilder Springfield Properties has acquired Glasgow-based Dawn Homes for a consideration of up to £20.1m.
The deal to take over Dawn Homes, which focuses on private housing in west central Scotland and Ayrshire, will involve an initial consideration of £17.6m.
This will be divided into £15.5m in cash from existing facilities and £2.1m raised in the placing.
Another £2.5m will be paid in cash depending on whether Springfield receives permission for Dawn Homes’ site at Johnstone, near Glasgow.
Under completion of the deal, Springfield has assumed £6.7m debt.
Sandy Adam, executive chairman of Springfield Properties, said: “This was a rare opportunity to acquire a profitable company that builds great homes.
“There is a massive need for more housing in Scotland and Springfield will play a significant part in addressing that need. We will be supporting the skilled Dawn Homes team to build more homes each year.
Overall, this acquisition will enable Springfield to grow and deliver housing more widely across Scotland.”
