SIG Building Solutions includes the brands Steadmans, United Roofing Products, Trimform Products, and Advanced Cladding & Insulation. Last year the business reported revenue of £60m and operating profit of £3.3m.

Completion of the deal is conditional on completing the Competition & Markets Authority’s clearance process.

As part of its cost-cutting and restructuring strategy SIG also confirmed it had it entered into an agreement for the sale of its Air Handling Division to France Air Management for £198m.

The firm supplies and distributes air-conditioning units and ducting to both the commercial and residential sectors across eight European countries.

Meinie Oldersma, chief executive officer of SIG, said that the divestments completed SIG’s medium-term strategy of disposing of peripheral, non-core businesses to refocus the group’s portfolio and strengthen its balance sheet.