Luceco have announced the acquisition of CMD Limited, the market leader in workplace wiring accessories, from Rubicon Partners for a total cash consideration of £30m, funded from the company’s revolving credit facility. In the year ended December 23, CMD had EBTIDA of £4m on revenues of £23.1m. The transaction is expected to be earnings accretive in FY25. This transaction will build out Luceco’s presence in the commercial wiring accessories market and we would expect incremental margin improvements over time delivered through cost of sales synergies, as witnessed with previous acquisitions. We have upgraded our forecasts to reflect three months of CMD earnings in 2024 and our longer-term revenue forecasts to reflect the acquisition, our central case valuation moves to 254p.