Grafton : Agreement to Acquire Tools, Fixings and Ironmongery Business in the Netherlands

18 Nov 2016

Grafton Group plc ('Grafton' or 'the Group'), the merchanting and DIY Group with operations in the UK, Ireland, the Netherlands and Belgium, is pleased to announce that it has signed an agreement to acquire Gunters en Meuser B.V. ('G&M'), the market leader in the distribution of tools, fixings and ironmongery in the Greater Amsterdam Area. Completion of the transaction is subject to approval by the Dutch competition authority and is expected to take place in January 2017.

G&M trades from 14 branches and reported revenue of €33.4 million for 2015.

Grafton entered the Netherlands market in November 2015 with the acquisition of Isero. The acquisition of G&M will significantly strengthen and complement the market position of this business. The combined business will trade from a network of 53 branches and it will become the market leader in the Netherlands tools, fixings and ironmongery market where it will have strong positions in the country's five largest cities.

Commenting on the agreement, Gavin Slark, Chief Executive Officer of Grafton said today:

'The acquisition of G&M is a unique strategic opportunity for our existing business in the Netherlands to gain a strong presence in the Greater Amsterdam Area. G&M is a high quality business and brand that is synonymous with the ironmongery market in Amsterdam where it has traded for 190 years. This will be a further important step in the Group's development strategy in the Netherlands and increases our exposure to the growing Dutch economy. The enlarged business should also provide a good platform to capitalise on other appropriate development opportunities.'

Ends

For further information please contact: