The Lagan family has bought a Welsh building materials business for almost €42 million. Kevin Lagan has bought Welsh Slate from British group, Alfred McAlpine, in a deal valued yesterday at £31 million sterling (€41.7 million).

The sale will see Mr Lagan take over all of Bethesda-based Welsh Slate's roofing, architectural and quarrying interests. The company has four quarries and employs more than 250 people in north Wales. The business produces high-quality, blue slate, which is largely used in roofing.

Mr Lagan's son, Peter, will become a director of the business. Mr Lagan and his brother, Michael, control the Lagan group, which is one of Ireland's biggest building groups. Its activities range from civil engineering and development to material production and supply.

The group has projects across the island, as well as quarrying, asphalt and cement production on both sides of the Border. It is among the operators poised to benefit from the Republic's National Development Plan (NDP).

It is thought that Welsh Slate will become part of another business, Lagan Building Solutions, which trades under the LBS banner and specialises in roofing.

Last year, McAlpine, one of Britain's biggest building groups, spent £6 million on boosting production at one of Welsh Slate's facilities at Penrhyn.

Ulster Bank backed Lagan's purchase of the Welsh business. Its director of corporate banking, Kevin Kingston, said yesterday that it had "exceptional" assets as well as a strong reputation.

Peter Lagan said yesterday that the family was delighted to have taken over Welsh Slate and said it had a strong foundation to grow the business.