Building materials supplier acquires Irish businesses worth €150m
Wolseley UK has acquired heating, plumbing, tiling and bathroom businesses Heat Merchants, Tubs & Tiles and Hevac.
The three businesses combined have revenues of around €150 million and employ over 400 people in 47 locations in the Republic of Ireland.
Warwick-based Wolseley says all jobs will be retained and so will each individual brand.
Simon Oakland, the CEO of Wolseley UK, said: “This is a very exciting announcement for Wolseley as it acquires Heat Merchants, Tubs & Tiles, and Hevac, all well-known brands in Ireland providing a local and personal service, which Wolseley will further build on. Wolseley, itself, is undergoing an ambitious growth strategy through business acquisition and this latest announcement is a key part of this.”
Heat Merchants, which focuses on the heating and plumbing sector, has 31 branches all across Ireland together with a central warehouse and distribution hub in Athlone. Support services offered include technical design and specification, installer training, commissioning, warranty, and after-sales services.
Tubs & Tiles, is the largest tile and bathroom retailer in Ireland, with 12 showrooms nationwide plus an established eCommerce channel. In addition to retail sales, it is a provider to hotels, leisure, retail, and multi-residential developments in the commercial sector.
Hevac Ltd. specialises in heating systems for the commercial, industrial, and residential sectors. Its capabilities include large industrial steam systems, underfloor heating, district heating, and renewable energy solutions. Hevac engages with customers from the project concept stage to project delivery.
The transaction also includes the acquisition of other successful brands including Tube Company of Ireland Limited, Polytherm Heating Systems Limited, Origen Energy Limited and Aluminox Limited.
Heat Merchants and Hevac were advised on the transaction by CapNua Corporate Finance and Eversheds.
The acquisition is subject to clearance from the Irish Competition and Consumer Protection Commission.