Grafton completes Polvo acquisition
Grafton Group has completed the acquisition of Dutch business Polvo for €131m on a debt-free and cash-free basis.
Polvo is one of the top three businesses in the specialist ironmongery, tools and ventilation systems market in the Netherlands. It operates from 51 branches.
Polvo reported revenue of €127.3m and adjusted operating profit of €10.6m last year, while it had gross assets of €64m at the end of 2018.
Grafton, which announced the acquisition of Polvo in April, owns the Woodies DIY chain as well as builders merchanting outlets Chadwicks and Heiton Buckley in Ireland.
The purchase was funded from Grafton's cash resources and loan facilities.
This acquisition increases Grafton's presence in the Netherlands, where it already owns the Isero tools store business.
The combined businesses will have revenues in excess of €300m and will trade from 113 branches.