Utility group sells part of business to global leader
FUSION Group, the Yorkshire multinational which manufactures, distributes and provides equipment and services to gas, water and electricity companies for infrastructure projects, has sold its UK distribution businesses.
It has been acquired by Wolseley UK, a distributor of heating and plumbing products. The consideration was not disclosed, but the deal includes three businesses employing some 200 people. The businesses are all operated from Chesterfield, but have depots around the UK.
The companies involved include the Fusion Provida materials business which is focused on materials and components for utility companies in the UK; and Fusion Provida Hire & Repair which provides hire and repair services for pipe jointing equipment. The third business is Utility Power Systems, an electricity infrastructure specialist which distributes materials for building and maintaining low and high voltage networks.
Kevin Raine, group managing director at Chesterfield-based Fusion, said: “We’re delighted to have concluded the deal with Wolseley which represents a healthy return on the investment we have made over a number of years in developing these businesses. Our own focus is in other parts of the marketplace and our international distribution business, and the transaction will help us fulfil our strategic objectives.”
Corporate finance and tax teams in Sheffield from the accounting and advisory firm Grant Thornton led by Claire Davis, Andrew Westhead, Jamie Preston and Joe Pollard advised Fusion on the disposal. Richard May and Anna Lewis headed up the team at the Sheffield office of DLA Piper which provided legal advice to the majority shareholders. Jonathan Asquez at Gordons advised the minority shareholders.
Wolseley UK is the UK operating subsidiary of Wolseley PLC, one of the largest distributors of building products in the world. Wolseley UK’s head office is at Leamington Spa in Warwickshire.
