Building materials supplier Boral Ltd says it will acquire certain assets and operations of Queensland-based Wagners Group for $173 million.

Boral says it will buy Wagners’ quarry, concrete and related assets in the Darling Downs, South East Queensland and Townsville regions and several land parcels with future development potential.

Wagners would continue to own and operate its Brisbane cement grinding plant.

In 2009/10, the Wagners construction materials assets covered by the deal had revenue of $115 million, with earnings before interest, tax, depreciation and amortisation (EBITDA) of around $17 million.

Boral said the acquisition represented a 2009/10 multiple of 9.7 and was expected to be earnings per share accretive in 2011/12.

Boral chief Executive, Mark Selway, said the acquisition was “an exciting investment in our core Australian construction materials business.

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