Published Sep 14, 2023 03:14AM ET
The London-listed building materials distributor, Grafton Group plc (LON:GFTU), announced on Thursday that it is set to acquire Rooneys Homevalue Limited, an Ireland-based distributor of building materials and DIY products. The acquisition will be made via Grafton's portfolio brand, Chadwicks, and is currently subject to approval by the Competition and Consumer Protection Commission in Ireland.
Rooneys Homevalue primarily supports trade customers operating in the residential repair, maintenance and improvement, and new build markets. It also serves a local retail market from its single location in Kells, County Meath. The company generated revenue of €11.0 million (£9.4 million) in the financial year ending on 28 February 2023.
Eric Born, Chief Executive Officer of Grafton Group, commented on the acquisition on Thursday, stating that Rooneys is an ideal fit with Chadwicks' branch network in Ireland. The move is expected to extend Chadwicks' geographic coverage of the fragmented building materials distribution market into an important town within the Dublin commuter belt. Born further added that they see potential for the organic development of this business to support trade customers with a wider offering of building materials and construction products.
Grafton Group plc is an international distributor of building materials to trade customers with leading regional or national positions in the distribution markets in the UK, Ireland, the Netherlands, and Finland. The company trades from approximately 360 branches and employs around 9,000 colleagues. Its portfolio of brands includes Selco Builders Warehouse, Leyland SDM, MacBlair, TG Lynes, EuroMix and StairBox in the UK; Chadwicks and Woodie's in Ireland; Isero and Polvo in the Netherlands; and IKH in Finland.
The financial details of the transaction were not disclosed.
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Written By: Investing.com
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