Siteserv, which provides fencing and scaffolding for major building projects, has bought infrastructure operator Holgate Fencing (Ireland) Ltd in a deal which could be worth €19m.

Siteserv listed on Dublin's IEX and London's AIM markets earlier this month.

Holgate supplies and installs motorway/road crash barriers and environmental barriers to the Irish market.

The deal will see an initial payment of €13.25m on completion, €11.75m of which will be in cash with the rest through the issue of over 2.7 million Siteserv shares. Additional payments will be based on the financial performance and levels of growth in Holgate's profitability over the next two years to a maximum of €5.75m.

The deal will be funded through Siteserv's existing resources and additional borrowings of about €7m.