Wolseley bolts on £33m of acquisitions

Wolseley has made five bolt-on acquisitions for a combined value of £33m.

The trade distributor of plumbing and heating products said it expected the acquisitions to add £45m to total revenue. Goodwill and intangible assets related to the acquisitions are estimated to be around £23m.

In North America, Ferguson acquired the assets of CB Group trading as JC Plumbing Supply, a distributor operating from two bases in San Francisco with a turnover of $4.4m (£2.2m). It also acquired the assets of Mastercraft Cabinets, which has a turnover of $43.3m (£21.8m) and operates from Florida.

Stock Building Supply acquired assets of Precision Doors & Hardware, a company specialising in sales, installation, service and repair of doors and accessories with a turnover of $8.6m (£4.3m).

In Europe, Wolseley Eastern Europe acquired Gama Myjava, a plumbing, heating and sanitary ware distributor operating from eight branches in Slovakia and five branches in the Czech Republic. In the year ended 31 December 2006 revenue was £16m.

It also acquired PFC Corofil Firestops, a distributor of passive fire-protection products in Surrey with a turnover of £1.9m.

Chip Hornsby, Wolseley group chief executive, said: “I am pleased to announce these acquisitions. They are excellent businesses that broaden our product and geographic coverage, and support our strategy of growing the business through acquisition and organic growth.”

Since the beginning of its financial year on 1 August 2007, the company has completed a total of 15 bolt-on acquisitions for around £203m. These are expected to add around £263m to group revenue in a full year.