Grafton acquires Dutch firm Isero for €91.5m
Building materials group Grafton has agreed a deal to buy Isero, a specialist distributor of tools and fixings in the Netherlands, for €91.5m.
Isero trades from 38 branches under the Gerritse, Breur Ceintuurbaan and Van der Winkel brands.
The company reported revenues of €94m and adjusted operating profit of €8.8m for the year to the end of June 2015.
Grafton said the deal is subject to consultation with the Works Council, a usual condition of completing a transaction of this nature in the Netherlands.
It is expected to complete before the end of the year.
Grafton CEO Gavin Slark said the purchase of Isero will give Grafton a presence in the Netherlands for the first time and strengthen its branch footprint in the mainland European market.
“Isero is being acquired at an early stage in the recovery of the Netherlands economy and there are excellent opportunities for the organic and acquisitive expansion of the business,” Mr Slark added.
