29th Jan 2007 07:01
Travis Perkins PLC29 January 2007 Travis Perkins PLC29 January 2007 TRAVIS PERKINS PLC Travis Perkins acquires Passmore Drywall & Insulation Limited for GBP13.4m Travis Perkins PLC ("Travis Perkins"), one of the UK's leading builders'merchants, announces that it has acquired the entire issued share capital ofPassmore Drywall & Insulation Limited ("Passmores"). Passmores has a network of 5 branches selling drylining and insulation productslocated in East London, Basildon, Cannock, Christchurch and West London. Theconsideration for the purchase is GBP13.4 million based on enterprise valuesubject to final agreement of the net asset value at completion. The whole ofthe consideration is payable in cash from existing resources. For the year ended 31 December 2005, Passmores' turnover was GBP19.6 millionwith underlying operating profit of GBP1.0 million. The acquisition of Passmores will increase the network coverage of CommercialCeiling Factors ("CCF"), Travis Perkins' specialist distribution business.Following this acquisition, CCF will operate from 30 branches, increasing itspenetration of the South East of England. CCF supplies dry lining, insulation,ceilings and partitions to specialist external customers and to Travis Perkins'own general merchanting branches, and this acquisition is anticipated to giverise to further synergy benefits. During the calendar year 2006, Travis Perkins added 39 branches to itsmerchanting network (30 brownfields and 9 bolt-on acquisitions) and 3 Wickesstores, taking the total number of trading branches at the year end to 1,022. Italso converted 3 Wickes stores from its Standard to Extra format. Overall Wickesgross selling space increased by 5% during the year. Geoff Cooper, Chief Executive of Travis Perkins said: "The acquisition of Passmores further enhances our offering to the specialistdistribution sector, and is consistent with our strategy of investing inopportunities for growth and in our chosen areas of product specialisation. Wewelcome the management and staff of Passmores into our group." - ends - Enquiries: Geoff Cooper, Chief ExecutiveTravis Perkins PLC Tel: +44 (0)1604 683 221 Paul Hampden Smith, Finance DirectorTravis Perkins PLC Tel: +44 (0)1604 683 221 David Bick/Mike FelthamHolborn Public Relations Tel: +44 (0)207 929 5599 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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