Grafton Group acquires Belgium merchant
Merchant expands Belgium business
The third largest builders merchant in the UK and top four plumbers merchant, the Grafton Group is set to acquire Belgium builders merchant Binje Ackermans which trades as MPRO.
The acquisition of the six-branch business is expected to close in the first quarter of 2014 and adds to its existing business which includes Plumbase, Buildbase and Selco brands.
MPRO reported revenue of €50million in the financial year to December 31, 2012. However, it reported a loss of €2.2million during this period. The acquired business is forecast to operate at breakeven for the year December 31, 2013.
Commenting on the transaction, chief executive officer of Grafton Group, Gavin Slark said: “This transaction presents a unique strategic opportunity for Grafton to acquire a business with a leading position in the Brussels market. “MPRO’s branches are an excellent geographic fit with the Group’s existing branches which are located in the west of Belgium. The proposed acquisition creates opportunities for scale-related benefits and operational synergies in the areas of procurement, central services and the sharing of best practice while also providing a solid base for future growth in the Belgian merchanting market.”