SigmaRoc has agreed to acquire Lithuanian minerals producer AB Dolomitas for €110m, extending the London-listed group’s Baltic operations and adding a substantial source of high-grade dolomite.
The transaction values Dolomitas on a debt-and-cash-free basis, with SigmaRoc also paying €8m for non-core assets including industrial land.
Dolomitas produces around 3.5m tonnes of material annually and has approximately 25 years of identified reserves and resources.
SigmaRoc said there is potential to secure sufficient additional material to extend that position by a further 20 years.
The business generated €70m of revenue and €18m of EBITDA in the year to 31 December 2025, giving it an EBITDA margin above 25%.
SigmaRoc expects the acquisition to complete during the fourth quarter of 2026, subject to regulatory approvals, and says it should increase earnings from 2027.
The consideration comprises €90m in cash and €20m in newly issued SigmaRoc shares.
The sellers requested the equity component, which will consist of approximately 13.3m shares issued at 129p each.
That structure keeps the vendors economically exposed to the enlarged business while reducing the immediate cash requirement for SigmaRoc.
Dolomite is a magnesium-rich carbonate mineral used across construction and industrial applications.
Its chemistry also gives it a role in steelmaking, where lime and dolomitic products are used to remove impurities and control slag chemistry.
SigmaRoc has highlighted the material’s relevance to lower-carbon steel production, adding an industrial component to an acquisition otherwise driven by scale, reserves, and regional integration.
The company already operates quarrying and distribution businesses in Lithuania, Latvia, and Estonia. Dolomitas will become an integrated business unit within that Baltic platform.
The existing footprint creates opportunities to combine production, distribution, logistics, procurement, and customer relationships rather than operating the acquired company as an isolated asset.
Dolomitas has its own truck fleet, rail capability, and access to terminals in major Lithuanian cities, giving the business infrastructure around its mineral reserves as well as quarrying operations.
Reserve life is a central part of valuation in industrial minerals.
Unlike businesses whose principal assets are brands or software, a quarry’s long-term economics depend heavily on the quality, permitted quantity, location, and extraction cost of the underlying resource.
A 25-year reserve and resource position therefore provides long production visibility, while additional permitted reserves could materially extend the economic life of the operation.
Transport infrastructure is also important because aggregates and industrial minerals are heavy relative to their unit value.
Road, rail, terminal, and port access can determine the economically viable market surrounding a quarry, particularly where products are sold into construction and heavy industry.
The acquisition strengthens SigmaRoc’s Baltic presence as European construction markets continue to produce mixed demand.
Residential and commercial building activity has faced pressure from borrowing costs and weaker economic growth in several countries, while infrastructure, industrial, and energy investment have provided more resilient areas of demand.
A wider end-market mix can reduce the effect of weakness in any one construction segment.
SigmaRoc has pursued an acquisition-led strategy across European lime and minerals, building regional platforms rather than relying solely on organic quarry development.
That approach can produce efficiencies where neighbouring businesses share management, purchasing, logistics, processing, and customer networks.
It also requires disciplined integration and sufficient balance-sheet capacity to finance repeated transactions.
The Dolomitas deal will be funded partly from existing resources, and SigmaRoc said it retains capacity for further consolidation after completion.
The acquisition also has a supply-chain dimension as European industrial policy places greater emphasis on secure regional sources of raw materials and processing inputs.
Dolomite does not receive the same geopolitical attention as battery metals or rare-earth minerals, but high-quality mineral inputs remain important to steel, construction, and other manufacturing supply chains.
Completion is expected during the fourth quarter once regulatory conditions have been satisfied.
The financial performance of the enlarged Baltic operation will then depend on integration, reserve development, logistics, and end-market demand across conventional construction and higher-value industrial applications.
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