NuGen Properties

Listed materials supplier buys cladding contractor

Topek re-clad the Premier Inn Glasgow’s Buchanan Galleries in 2021

Brickability will pay an initial £27.3m on a cash-free, debt-free basis, and a deferred consideration of up to £17.7m contingent on performance over the next three years.

Established in 1981 in Glasgow, Topek installs cladding and rainscreen systems.

It joins Brickability’s cladding portfolio alongside Taylor Maxwell Cladding, SBS Cladding and Architectural Facades, covering the design, fabrication, supply and installation of cladding.

In the year to 31st August 2023, Topek turned over £21m and generated adjusted EBITDA of £8m.

Since joining the Alternative Investment Market (AIM) in 2019 through an initial public offering, Brickability has now completed 12 acquisitions to broaden its product portfolio.

Brickability chairman John Richards said: “This acquisition is the group’s second largest to date, and a very exciting one in our continued diversification strategy. The acquisition of Taylor Maxwell in 2021 delivered a significant increase in exposure to public and commercial end markets, and the addition of Topek further increases our presence in these markets. We believe this acquisition will deliver significant value for our shareholders.”

Chief executive Alan Simpson added: “We’ve seen in our Bricks and Building Materials division how cladding products supply has gone from strength to strength. With Topek, which will sit in our Contracting division, we will be building on that and expanding our existing product and services range into supply and installation as we continue to pursue our diversified multi-business strategy.”

Topek managing director Douglas Bryce, who co-owned the acquired business with Christopher McCrory, said: “We are excited to be joining the Brickability Group, adding our excellent product to their portfolio and allowing us the opportunity to provide our clients a broader offering of solutions.  The team at Brickability has built a formidable operation and we look forward to working alongside them in exploring new opportunities.”

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Dan Morten 18/01/22

Easy to work with, Jordan and the team were professional and were easy to communicate with.
Would highly recommend.

Di Hayes 20/08/22

NuGen Properties built an extension to the rear of my property, replacing the old conservatory. I am so pleased I chose this company. From the initial quotation, through the build and after they were professional, polite & well mannered. They kept the site tidy throughout the build and kept me informed of each stage as it happened. The work was finished to a good standard and I have had nothing but compliments on their work. I am already planning for them to come back and do some more work for me in a few months. I would 100% recommend them.

Bradley Eyles 20/06/23

Nugen were fantastic throughout the works they carried out on my property, Jordan provided constant updates and ensure any questions I had were always answered. All works were completed in a timely fashion, on budget and exceptional customer service. Highly recommend!

Sonny Carter-heyward 29/02/22

Brilliant service, renovated my house to make a dream a reality. Thanks guys

sitemanager 22/01/23

Great firm to communicate with fast and good quality work.