Howdens lands £390m DIY Kitchens deal to unlock consumer market

Kitchen supplier Howdens has agreed a £390m acquisition of the parent company behind Yorkshire-based DIY Kitchens in a deal that will give the group direct access to the UK's non-trade consumer market for the first time.

The acquisition of Ultima Furniture Systems, which trades as DIY Kitchens, will see Howdens pay £292.5m in cash and issue £97.5m of new shares to the seller.

The enterprise value equates to around 8.5 times DIY Kitchens' last twelv... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...