Wolseley UK has announced the acquisition of heating, plumbing, tiling and bathroom businesses Heat Merchants, Tubs & Tiles, and Hevac Ltd.
The deal is subject to clearance from the Competition and Consumer Protection Commission.
The acquisition of holding company Cooperstorm Ltd also includes Tube Company of Ireland Ltd, Polytherm Heating Systems Ltd, Origen Energy Ltd, and Aluminox Ltd.
The Target businesses combined have revenues of c.€150m and employ 400 people in 47 locations in the Republic of Ireland.
According to Wolseley, all jobs will be retained, and it is also planned that the individual brands will be retained.
In Association with
Heat Merchants, which focuses on the heating and plumbing sector, has 31 branches and a warehouse and distribution hub in Athlone.
Tubs & Tiles, is the largest tile and bathroom retailer in Ireland, with 12 showrooms and ecommerce channel. In addition to retail sales, Tubs & Tiles sells to hotels, leisure, retail, and multi-residential developments in the commercial sector.
Hevac specialises in heating systems to the commercial, industrial, and residential sectors. Its capabilities include large industrial steam systems, underfloor heating, district heating, and renewable energy solutions.
Heat Merchants director Shane Colleran commented: “This change to Wolseley ownership will allow us to build on the momentum we have generated over recent years and enable us to invest in the significant market opportunities in Ireland.
“There has been a considerable increase in activity to address housing under-supply coupled with the continued development of commercial and industrial infrastructure on which this transaction will enable us to capitalise.”
Garrett White of Hevac stated: “The new ownership will allow us to contribute the appropriate resources and skills to further invest in Hevac and leverage Wolseley’s broader operational capabilities. We are excited about the future and the chance to accelerate our growth with Wolseley.”
Wolseley UK CEO Simon Oakland said the firm’s strategy is growth by acquisition “and this latest announcement is a key part of this”.
Heat Merchants and Hevac were advised on the transaction by CapNua Corporate Finance and law firm Eversheds Sutherland.
