Building products firm Alumasc has acquired online rainwater product specialist Rainclear for £770,000.

Rainclear is an internet based business offering metal rainwater products to the building industry and Alumasc said the acquisition “will complement the group’s existing product range whilst broadening routes to market, particularly via independent merchants and the high growth internet sector.”

In recent years Rainclear has seen significant growth in its steel rainwater products range.

Rainclear will continue to trade independently within Alumasc, but the Company intends to add steel rainwater products to its market leading range of cast iron and aluminium gutters and downpipes as soon as practicable.

The existing Rainclear management team, including its former owners, Daniel and Naomi Hopkins, will remain in place.

An initial cash consideration of £450,000 has been paid, with the remainder deferred and payable in two tranches, subject to Rainclear achieving a profit before tax of £250,000 in the year to December 2013, and £270,000 in the year to April 2014.  Rainclear's profit before tax was £208,000 in its last financial year to 30 April 2012 and it had gross assets of £712,000 at that date.

Paul Hooper, Alumasc Group Chief Executive, commented:

"The acquisition, which is expected to be immediately earnings enhancing, will further strengthen Alumasc's leading position in the UK rainwater products market as part of the group's wider strategy to grow its portfolio of sustainable building product businesses."