15th Dec 2021 09:28
(Alliance News) - DCC PLC on Wednesday said it has bought a US-based sales and distribution business in what the group says is its largest acquisition to date.
The Dublin-based sales, marketing and support services firm unveiled the acquisition of Almo, its largest to date at an enterprise value of USD610 million.
DCC shares surged 6.4% higher to 5,858.00 pence each in London on Wednesday morning, the best performer on the FTSE 100 index.
Philadelphia, US-based Almo is a sales, marketing and distribution business which operates in fields such as consumer electronics, appliances and lifestyle products.
Almo was bought in a bilateral deal with the Chaiken family, who have owned and managed the company since it formed 75 years ago.
The move will form a "major step" in DCC's continuing expansion into North America, the company said.
"Almo will continue to be led by its current Chief Executive Warren Chaiken. His experienced and ambitious management team, which has a track record of delivering strong organic and acquisitive profit growth, will also continue with the business. DCC Technology's existing Pro AV operations in North America will be combined with Almo to create the leading specialist Pro AV business in the market," DCC said.
In its latest financial year ended April 30, Almo recorded revenue of USD1.3 billion and had underlying earnings before interest, tax and amortisation of USD75 million.
By Will Paige; [email protected]
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