27th Oct 2015 07:28
LONDON (Alliance News) - Builders' merchant and DIY company Grafton Group PLC on Tuesday said it has signed a deal to acquire Netherlands-based Isero BV for EUR91.5 million in cash.
FTSE 250-listed Grafton said Isero is a tools and fixings distributor with 38 branches in the Netherlands, trading under the Gerritse, Breur Ceintuurbaan and Van der Winkel brands. It has acquired the company from H2 Equity Partners, a private equity house.
For the year to the end of June, Isero posted an operating profit of EUR8.8 million on revenue of EUR94.0 million.
"The acquisition of Isero will give Grafton a presence in the Netherlands for the first time and strengthen its branch footprint in the mainland European market," said Grafton Chief Executive Gavin Slark.
"Isero is being acquired at an early stage in the recovery of the Netherlands economy and there are excellent opportunities for the organic and acquisitive expansion of the business," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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