Mon, 04 Jan 2021 | BUSINESS SALE
UK-based heating and plumbing distribution company Wolseley UK has been sold to global private investment firm Clayton, Dubilier & Rice for £308 million. The deal, was confirmed by Wolseley’s current owner, USA-based Ferguson Plc.
Ferguson Plc first announced in September 2019 that it was planning to demerge Wolseley UK in order for it to become an independently listed company. In September 2020, Ferguson said it was also exploring other options for separation in parallel with the planned demerger. Last month, the group said that the impact of the COVID-19 pandemic meant the move was “uncertain”.
However, the sale to Clayton, Dubilier & Rice has now been confirmed and is expected to complete at the end of January. Rothschild & Co is acting as Ferguson’s financial advisor on the deal. Once completed, Ferguson intends to return most of the proceeds to shareholders through a special dividend.
Ferguson Plc Chief Executive Kevin Murphy said: “Wolseley is a leading heating and plumbing distribution business in the UK and we are confident the business will benefit from working with its new owners, Clayton, Dubilier & Rice who will develop the business further by focusing on continued opportunities in the industry.”
“The transaction further simplifies the group and allows us to focus entirely on investing in and developing our business across North America where we have the greatest opportunities for profitable growth.”
In its most recent accounts, for the year ended July 31 2020, Wolseley UK reported revenue of £1.4 billion, down from £1.65 billion in 2019. However, the company’s profit after tax rose to £79.9 million, from £27 million. Wolseley’s total assets were valued at £1.1 billion, with net assets valued at £467 million.
Find businesses for sale here.
If you are looking for an exit, we can help!
This well-established company has a significant presence and an enviable reputation in this niche market. The company is privately owned and independent, acting as a distributor for many leading brands and manufacturers, in addition to own range of p...
LEASEHOLD
Designs & supplies aftermarket tuning & accessory products for the automotive market utilising manufacturers in Asia to produce a wide range of products. Products are sold to trade (60% of sales) & retail (40% of sales) via various websites & e-comm...
Offered for sale is a wholesale business and one-stop shop for a wide variety of products to the trade sector. A variety of items are available on the website for trade purchase, such as Clearance, DIY, Toiletries, Electrical, Household and Pet items...
LEASEHOLD
|
20
|
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
|
19
|
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
|
18
|
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
|
09
|
|
Dec
|
Wolseley targets electricity market with Jointing Technologies acquisition | BUSINESS SALE
Wolseley UK has acquired power cable specialist Jointing Tec...
|
08
|
|
Dec
|
Leamington company closures put jobs at risk | ADMINISTRATION
A major Leamington business is facing hundreds of redundanci...
|
27
|
|
Mar
|
Webuyanycar.com owner sold to listed investor | BUSINESS SALE
The owner of the second-hand motor firm webuyanycar.com, fam...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources