Grafton Group Acquisitions

Grafton Group PLC 05 December 2005 Grafton Group plc Two acquisitions broaden product base and geographic spread in Ireland Grafton Group plc, the builders merchants and DIY Group, announces the acquisition in Ireland of Davies plumbing, heating and drainage business and Garvey's builders merchants. Both transactions were completed on 1 December 2005 and the combined annual turnover of both businesses amounts to €47.4 million. Davies is a leading Dublin based specialist plumbing, heating and drainage business trading from two locations in the Greater Dublin area. The business also incorporates two quality retail bathroom showrooms. The plumbing and heating division principally services new building projects in the commercial and domestic markets. The drainage division supplies a broad range of drainage products into the infrastructure, civils and Local Authority markets nationally. Davies was established in 1933 and has grown its annual turnover to €37.4 m. The gross assets acquired are €24.8 m. Garvey's Builders Merchants Limited is a fourth generation builders merchant based in Roscommon town. The business has a leading position in the Roscommon market where it services the repair, maintenance and improvement (RMI) and residential construction markets. The annual turnover of Garvey's is in excess of €10 m and the gross assets acquired are €2.6 m. Commenting on the acquisitions, Leo Martin, Executive Director of Grafton, said: 'Davies and Garvey's are quality businesses with strong positions in their respective markets. The Davies' acquisition enables Grafton to broaden its product portfolio into an area which offers strong growth opportunities. Garvey's is an ideal geographic fit with Grafton's existing builders merchanting branch network and provides the Group with a strong presence in an important midlands town where it was not previously represented. We see potential for the further development of both of these businesses.' ENDS 5 December 2005 For reference: Other Contacts: Leo Martin Joe Murray Executive Director Murray Consultants Grafton Group plc Tel: (++353) (01) 498 0300 Tel: (++353) (01) 216 0600 Colm O Nuallain Ginny Pulbrook Finance Director Citigate Grafton Group plc Tel: (++44) (0207) 282 2945 Tel: (++353) (01) 216 0600 This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings