Builders merchant group Grafton has completed the acquisition of Binje Ackermans SA, in Belgium.
Completion of the deal involving the six branch builders’ merchanting business follows approval from the Belgium Competition Authority.
The company is based in Brussels and trades under the MPRO brand.
MPRO reported revenue of €50m (£40.5m) in the financial year to 31 December 2012. The total consideration payable, which will be satisfied in cash, is €20.5m (£17.4m) on a debt and cash free basis and is subject to the agreement of assets and liabilities at the date of completion. The value of the gross assets at 31 December 2012 was €20.8m (£17m).
MPRO reported a loss of €2.2m (£1.8m) for the year to 31 December 2012, which included a charge for amortisation of intangibles and restructuring costs. The acquired business is forecast to operate at breakeven for the year to 31 December 2013.
At the time of the acquisition 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.”