Cary Group Holding AB (publ) (OM:CARY) signed an agreement to acquire Charles Pugh (Holdings) Limited from family for £65 million on a cash and debt free basis on March 31, 2022. The acquisition is financed by Cary Group's existing credit facility. Charles Pugh has 500 employees and reported £56 million in revenues and £7.2 million EBITDA for the year ended 2021.

The acquisition is subject to the approval of the National Windscreens consortium. The acquisition is expected to be completed during the second quarter of 2022. Cary Group expects synergy effects to be achieved within the coming 12 months to almost £2 million on an annual basis.

Cooper Parry Corporate Finance acted as financial advisor to Charles Pugh (Holdings) Limited.