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!
Offers an extensive selection of products, including eco-friendly items, along with complementary in-house design services. Predominantly generates sales via a dedicated telesales function, focused on maintaining strong relationships with clients. Of...
LEASEHOLD
Supplies a range of industrial, H&V and commercial plumbing products, including pipes, valves, fittings, pumps, controls, sanitaryware, wc products, taps and brassware.
LEASEHOLD
Offers a comprehensive range of high-end products for multiple clients across the world. AS9100, AS9120 and ISO 9001 certified as a result of its superior service offering.
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
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...
|
02
|
|
Jul
|
Bathstore sold in an MBO | MBO/MBI
Bathroom retailer Bathstore has been sold in a management bu...
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