Wolseley announced this morning that the group have made five bolt-on acquisitions for a total consideration of £87m, which are expected to add £110m in revenue.
The group have made three purchases in the US and two in Europe since the beginning of August, including one in the UK – T&R Electrical Wholesalers.
T&R are an electrical wholesaler to both consumer and trade customers and operate from four sites in West London. The purchase say Wolseley, will give the “existing electrical distribution brand, Electric Center, additional coverage in an area where it is currently under represented.”
The other European acquisition is the Swedish company Proaktiv Bygglogistik i Stockholm AB. While in the US, Wolseley acquired assets from ProSource Building Supply, Western Air Systems and Controls and Davidson Pipe Company (which supplies the New York metropolitan market) on August 6, 13 and 27 respectively.
In a full year, the company say these bolt-on acquisitions are expected to add approximately £110m to total revenue. Group ceo Chip Hornsby said of the purchases, “I am delighted that we have finally been able to enter the New York City industrial and commercial market and complete four further acquisitions towards our target for bolt-ons of £450m for the year to 31 July 2008.
“They are excellent businesses that broaden our product and geographic coverage and support our strategy of growing the business through acquisition and organic growth.”