Published 04 April 2006 at 08:25
Plumbing and heating distributor Wolseley has splashed out a further �25 million on acquisitions just a week after buying Brandon Hire.
The acquisition will mean that Wolseley, the world's largest specialist plumbing and heating trade supplier, has spent �623 million on buying firms in Europe and North America since August 1 2005.
The latest acquisitions are of Home Lumber, a Californian timber firm, Nevill Long, a ceilings supplier in the UK, and part of a Swiss gas and oil fired burners company called Hermann Frei. The three acquisitions will add around �72 million in revenue over a full year.
Charlie Banks, group chief executive of Wolseley said: �The acquisition of Nevill Long will build on our presence in the interior systems market in the UK, which we entered through the acquisition of Encon in October 2005, and Home Lumber gives us a stronger position in the buoyant housing markets of California and Nevada.�
The shareholders of Brandon Hire recommended a �72 million offer from Wolseley last week.
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