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
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