Grafton Group to acquire Dutch tool company
Building materials company Grafton Group is to acquire Dutch-based tools, fixings, and ironmongery business Gunters en Meuset BV (G&M).
Completion of the deal for the Amsterdam-based firm is expected to be completed in January following approval by the Dutch competition authority.
G&M trades from 14 branches and reported revenue of €33.4m for 2015.
The move comes after Grafton entered the Netherlands market in November last year with the acquisition of Isero.
Isero paired up with G&M will strengthen Grafton's market position in the market, trading from a network of 53 branches.
Chief executive Gavin Slark said G&M provided a "unique strategic opportunity" for Grafton.
"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," he said.