Mon, 06 Jun 2022 | BUSINESS SALE
Online building materials retailer CMO Group has continued its push into the UK's plumbing and heating market with the acquisition of bathroom basins e-commerce firm Whiteholme, which trades as clickbasin.co.uk.
The deal was valued at up to £1.25 million, of which £1 million was paid upon completion, with the remaining consideration of £250,000 deferred for six months. The fee represents approximately a 3.47x multiple of Clickbasin’s £360,000 EBITDA for the year ending March 31 2021, generated on sales of £1.87 million.
CMO says that Clickbasin forms part of an “attractive, growing market”, with the acquisition complementing its existing offering and broadening the group’s “integrated plumbing superstore offering which will be launched in Q3 of this year.”
Clickbasin is expected to generate around £50,000 EBITDA for the group during the remainder of the current financial year and to be accretive in the first full year post-acquisition. The company’s product range includes bathroom cabinets, mirrors, vanity units, wall-hung basins and associated bathroom products.
The acquisition, which follows CMO’s takeover of JTM Plumbing last year, is part of the group’s efforts to grow its footprint in the UK’s plumbing market. The group has said that it will continue to target acquisitions, alongside organic growth, as it pursues this strategy.
CMO Group CEO Dean Murray said: “Our strategic goal is to provide our customers with everything they need to build or maintain a home, through a simple, convenient and supported shopping experience. We will achieve this through adding specialist verticals, either organically or through acquisition, supported by customer centric technology development.”
“Today’s acquisition announcement of clickbasin.co.uk more than fits that model, taking our plumbing vertical into a new product area. clickbasin.co.uk, together with JTM Plumbing, will combine to form plumbingsuperstore.co.uk which will be launched in Q3, providing a platform on which to further penetrate the c£800m online Plumbing and Heating market and use the power of our business model to provide leading choice and value to our customers.”
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