2nd Jul 2021 08:12
(Alliance News) - FTSE 250-listed Grafton Group PLC on Friday completed its acquisition of Finnish wholesaler Isojoen Konehalli Oy and Jokapaikka Oy.
The Dublin-based building materials distributor and DIY retailer announced the EUR199.3 million acquisition last Tuesday.
IKH is among the largest distributor and wholesaler of workwear, personal protective equipment and tools in Finland, Grafton noted.
According to IKH's website it primarily imports: "tools, machines, tractor spare parts, accessories, work clothing and protective gear, fasteners, tyres for agricultural machines and batteries from over 30 different countries."
Chief executive of Grafton, Gavin Slark, said: "We are delighted to announce completion of the IKH acquisition, a business that has an over 50-year heritage in the Finnish market. We believe that IKH is a very good strategic and cultural fit for Grafton and we welcome our new colleagues in Finland to the group."
Shares in Grafton Group were trading up 0.7% at 1,223.98 pence each in London on Friday morning.
On Thursday, Grafton announced the sale of its traditional UK merchanting business to focus on international expansion.
Grafton sold its Grafton's Buildbase, Timber Group and NDI brands among others for GBP520 million to builders merchants Huws Gray. The company expects the sale to be completed in the first quarter of 2022.
By Scarlett Butler; [email protected]
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