Boral Ltd will buy two quarries and a concrete plant for $81.5 million on Queensland’s Sunshine Coast as the brick maker aims to take advantage of the growing population in that part of the country.

The purchases will include a large quarry at Moy Pocket, a smaller quarry at Wondai and a concrete plant, currently owned by Sunshine Coast Quarries, at Gympie.

The Moy Pocket quarry had long term high quality reserves and will replace Boral’s existing quarry at Coolum, Boral said in a statement.

Completion of the purchases remained subject to clearance from the Australian Competition and Consumer Commission (ACCC) on terms acceptable to Boral.

“The acquisition… represents further investment in our core Australian construction materials business and adds high quality assets and market positions in attractive growth areas of Queensland,” Boral chief executive Mark Selway said.

The purchases were expected to be completed in the second half of calendar 2011 and to neither add to nor subtract from earnings per share in fiscal 2012.

Sunshine Coast Quarries revenue in financial 2011 was $32 million, with earnings before interest, tax, depreciation and amortisation (EBITDA) of about $11 million.

The acquisition represents a financial 2011 multiple of 7.4 times EBITDA.

Boral shares slipped two shares to $4.03 by 1036 AEST.