12th Feb 2014 08:17
LONDON (Alliance News) - Wolseley PLC Wednesday said it has agreed to buy Finnish building materials distribution business Puukeskus, which it will integrate with its existing Finnish operation Starkki.
The trade distributor of plumbing and heating products didn't provide any financial details for the deal, but said it includes a portfolio of freehold properties used by Puukeskus. It is buying the assets from funds advised by Triton.
Puukeskus generated revenue of GBP190 million and trading profit of about GBP4 million in 2013, Wolseley said.
The business employs about 400 employees and has 23 branches, which will combine with the 22 branches owned by Starkki.
Wolseley shares were up 0.3% at 3,354 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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