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Likewise completes Heatseam acquisition

Growing flooring distributor Likewise has completed its deal to buy Heatseam.

The group issued 30million shares to raise £7.5m to fund the deal. Likewise is paying £7.5m in cash and two million shares plus £500,000 in a year’s time.

Heatseam is forcase to have a pre-tax profit of £1.6m from sales of £21m in the year to 31 March.

Heatseam’s main distribution hub is in Dewsbury with trans-shipping depots in Daventry and Glasgow.

Image: Google.