Warwick materials supplier completes Irish acquisitions worth €150m
Wolseley UK has formally completed its deal to acquire heating, plumbing, tiling and bathroom businesses Heat Merchants, Tubs & Tiles and Hevac.
The three businesses combined have revenues of around €150m 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, CEO of Wolseley Group commented, “This is another exciting acquisition that takes Wolseley Group into a new geography.
“These businesses have performed strongly in their own markets and represent a real opportunity to share best practices and also leverage the investment programme that has seen us really develop the Wolseley proposition including a market leading digital suite.”
Mark Lohan, recently appointed by Wolseley to the role of Managing Director, Ireland, said: “This is a very exciting chapter, as there are currently plenty of opportunities in the Irish market.
“The formal completion of the acquisition means we can now focus and build on the momentum and financial security that the teams in the businesses have successfully produced over recent years.”
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 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.
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.