Grafton buys Polvo of Netherlands for €131m
DIY group Grafton on Thursday said it was buying Polvo of the Netherlands from the privately owned Pallieter Group for €131m (£112m).
The deal will give Grafton greater exposure when combined with its existing Dutch Isero business, with more than €300m in revenues and trade from 113 branches.
Polvo reported revenue of €127.3m and adjusted operating profit of €10.6m for the year to December 31. The purchase price includes €15m for nine freehold properties and will be funded from Grafton's cash resources and loan facilities.
The acquisition is expected to be earnings enhancing in its first full year of ownership, Grafton said.