Wolseley completes deal for the acquisition of Heat Merchants, Tubs & Tiles, and Hevac Limited in Ireland
Wolseley has today announced the formal completion of the deal for the acquisition of Heat Merchants, Tubs & Tiles, and Hevac Limited in Ireland.
The three businesses combined have revenues of circa €150 million and employ over 400 people in 47 locations across the Republic of Ireland.
All jobs, and the individual brands, will be retained.
Heat Merchants, which focuses on the heating and plumbing sector, has 31 branches all across Ireland together with a central warehouse and distribution hub in Athlone.
Tubs & Tiles, is the largest tile and bathroom retailer in Ireland, with 12 showrooms nationwide plus an established ecommerce channel. In addition to retail sales, it is a key provider to hotels, leisure, retail, and multi-residential developments in the commercial sector.
Hevac Limited specialises in heating systems to the commercial, industrial, and residential sectors.
The transaction also includes the acquisition of other successful brands including Tube Company of Ireland Limited; Polytherm Heating Systems Limited; Origen Energy Limited and Aluminox Limited.
Simon Oakland, CEO of Wolseley Group commented, “This is another exciting acquisition that takes Wolseley Group into a new geography. These businesses have performed strongly in their own markets and represent a real opportunity to share best practices and also leverage the investment programme that has seen us really develop the Wolseley proposition including a market leading digital suite.”
Mark Lohan, recently appointed by Wolseley to the role of Managing Director, Ireland, said: “This is a very exciting chapter, as there are currently plenty of opportunities in the Irish market. The formal completion of the acquisition means we can now focus and build on the momentum and financial security that the teams in the businesses have successfully produced over recent years.”
Heat Merchants and Hevac were advised on the transaction by CapNua Corporate Finance and Eversheds.