SigmaRoc buys Lithuanian dolomite producer Dolomitas in €118 million deal

SigmaRoc PLC has agreed to acquire Lithuanian dolomite producer AB Dolomitas in a transaction carrying a total price tag of €118 million.

The deal comprises €110 million for the operating business on a debt and cash free basis, plus €8 million for non-core assets. It adds a substantial, profitable producer to SigmaRoc's European lime and minerals portfolio and strengthens its existing operations across Lithuania, Latvia and Estonia.

For investors, this is a sizeable acquisition rather than a minor bolt-on. Dolomitas generated €70 million of revenue and €18 million of EBITDA in 2025, has approximately 25 years of reserves and resources, and is expected to enhance SigmaRoc's earnings in 2027.

The strategic case looks credible. However, regulatory approval is still required, some new shares will be issued, and SigmaRoc has not quantified the expected synergies or provided enough balance-sheet detail to assess the post-deal leverage position fully.

SigmaRoc's Dolomitas deal at a glance

Key figure	Detail
Core acquisition consideration	€110 million
Non-core asset consideration	€8 million
Total consideration	€118 million
Cash consideration	€98 million
Share consideration	€20 million
Dolomitas 2025 revenue	€70 million
Dolomitas 2025 EBITDA	€18 million
EBITDA margin	More than 25%
Annual production	Approximately 3.5 million tonnes
Current reserves and resources	Approximately 25 years
Potential additional reserves and resources	Approximately 20 years
Expected completion	Q4 2026
Expected earnings impact	Earnings enhancing in 2027

EBITDA means earnings before interest, tax, depreciation and amortisation. It is commonly used as a broad measure of operating profitability, although it does not represent cash flow or statutory profit.

What SigmaRoc is buying

Dolomitas was established in 1964 and produces approximately 3.5 million tonnes of high-quality dolomite each year.

Dolomite is a magnesium-rich subgroup of high-grade limestone. According to SigmaRoc, it can supply all of the group's core customer segments and is also important to Green Steel production.

The business offers more than 40 product variations, including mineral filler, and supplies customers across a range of Baltic industries. It also has its own logistics infrastructure, including trucks, open rail wagons and terminals in Lithuania's largest cities.

This matters because SigmaRoc is not simply buying quarry reserves. It is acquiring production, processing, product range and distribution capabilities in a region where the group already operates.

Dolomitas will become an integrated business unit within SigmaRoc's Baltics platform.

Why the acquisition could strengthen SigmaRoc

The clearest attraction is scale.

Dolomitas generated €18 million of EBITDA from €70 million of revenue during the year ended 31 December 2025. That represents an EBITDA margin above 25%, pointing to a business with meaningful existing profitability rather than one requiring a lengthy turnaround.

Based on the disclosed figures, the €110 million price for the core business is equivalent to roughly 6.1 times Dolomitas's 2025 EBITDA. Including the additional €8 million of non-core assets takes the headline total to around 6.6 times EBITDA, although those extra assets are not currently making a material contribution to earnings.

The reserve position is another positive. Dolomitas has approximately 25 years of reserves and resources, with the potential to secure another 20 years. Long-life mineral resources can provide greater operational visibility, although developing additional reserves may require approvals and investment that have not been detailed.

SigmaRoc also sees opportunities for operational improvement and synergies, meaning benefits created by combining the businesses. Its existing Baltic quarrying and distribution operations should gain additional products and volume from Dolomitas.

The catch is that no financial value or timetable has been attached to those synergies. Investors should therefore treat them as potential upside rather than banked benefits.

How the €118 million transaction is being funded

SigmaRoc will pay €90 million in cash and €20 million in new shares for Dolomitas. A further €8 million in cash will purchase the non-core assets, taking the total cash requirement to €98 million.

The company says the cash will come from its existing resources. However, the announcement does not disclose SigmaRoc's expected net debt or leverage after completion. Management says the balance sheet will retain plenty of capacity for further acquisitions, but investors do not yet have the numbers needed to test that statement in detail.

SigmaRoc will issue 13,333,334 new shares to the sellers at 129p each, based on the four-week volume-weighted average price to 3 September 2026. A volume-weighted average price reflects both trading prices and the volume of shares traded.

The issue will increase SigmaRoc's share count from 1,114,854,530 to 1,128,187,864. That represents dilution of around 1.2% for existing shareholders.

Dilution is modest relative to the cash component, and the sellers have agreed to a 12-month lock-in. Their willingness to accept shares also gives them a continuing interest in the enlarged group, although that does not remove integration or execution risks.

The additional assets could offer longer-term options

The €8 million package includes an industrial section of land near the port of Klaipėda.

SigmaRoc may develop this site for importing or exporting aggregates and other processing activities. That could add useful logistics capacity, but these assets are currently not contributing materially to Dolomitas's EBITDA.

Investors are therefore paying for strategic optionality rather than immediate earnings. The announcement does not disclose planned development spending, timing or expected returns from the land.

What investors should watch next

Completion is expected in Q4 2026, subject to the usual regulatory consents. Until those approvals are secured, the acquisition is not guaranteed to complete.

The main points to monitor are:

• whether regulatory clearance arrives on schedule;
• SigmaRoc's net debt and leverage following the €98 million cash outlay;
• the integration of Dolomitas into the existing Baltics platform;
• evidence that earnings and cash generation are growing as expected;
• quantified cost or revenue synergies;
• plans and capital requirements for the Klaipėda land; and
• progress towards securing the potential additional reserves and resources.

The company expects the transaction to be earnings enhancing in 2027, but it has not disclosed the expected size of that enhancement. There is also no forecast for integration costs, capital expenditure or future cash flow.

A strategically sound deal with execution still to prove

SigmaRoc is acquiring an established producer with attractive margins, substantial output, integrated logistics and long-life resources. Dolomitas also fits neatly with the group's strategy of consolidating fragmented European lime and minerals markets.

The purchase price appears reasonable against the acquired EBITDA, while the approximately 1.2% share dilution is limited. The opportunity to combine Dolomitas with SigmaRoc's existing Baltic operations provides a logical route to further value creation.

Still, much depends on delivery. Completion requires regulatory consent, synergies remain unquantified, and the announcement does not show what SigmaRoc's leverage will look like after funding the cash consideration.

The next important evidence will be regulatory completion, updated balance-sheet figures and clear signs that Dolomitas is contributing to earnings without stretching the wider group. Investors can read the original company announcement for the full transaction details.