Snook said this backing was an important part of the listed contractor's business strategy. "The aim was to bring institutional investors on board to support us as we go through the next few years of growth," he said.
Snook said the Exeter-based company was primed for expansion and, with the purchase of property developer Rockfield, will be able to offer clients construction, facilities management and property development services.
EBC, the UK's smallest listed contractor, raised £3.5m when it issued 4.3 million shares at 80p to finance the deal. Another 2.2 million shares formed part of the package. EBC intends to change its name to ROK.
The announcements brought to an end a nine-month period of restructuring that began when Snook took over last July. It has seen cutbacks of more than 100 administrative and managerial jobs.
Shares in EBC were suspended in January when news that it was about to make an acquisition was leaked and its share price rocketed 17% in a single day.
Snook said the company had no plans to mimic a number of its bigger competitors and relist in the support services sector of the stock market.
