Holvoet turned over €16.6 million in its last financial year and the profit before tax attributable to the acquired business was €1.2 million. Subject to the finalisation of completion accounts, the total purchase consideration, to be satisfied in cash, is estimated at circa €9.5 million net of cash assumed at closing. The value of the gross assets was €7.4 million.
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As a consequence of the acquisition, the Grafton shareholding in the Joint Venture has increased to 65.3%. The acquisition of Holvoet strengthens the position of the Joint Venture in the Belgium merchanting market, provides a good platform for further growth and increases its exposure to the residential repair, maintenance and improvement (RMI) and new build markets. The acquisition increases the annualised turnover of the Joint Venture to circa €75 million and the number of Belgian branches to 11.
Grafton Group is an independent company operating in the Merchanting, DIY retailing and Mortar Manufacturing markets in Britain, Ireland and Belgium.
(CD/GK)
