Grafton Group chief executive Gavin Slark said the Sitetech deal – which requires approval by the Competition and Consumer Protection Commission – is “in line” with Grafton’s strategy of acquiring specialist high quality businesses in complementary markets.
Woodie’s DIY owner and construction supplies group Grafton has boosted its domestic building materials business by agreeing to buy Cork and Dublin-based company Sitetech Building Products for an undisclosed sum.
Sitetech is a specialist construction accessories provider, with revenues of around €17m.
It has developed, over the past 10 years, into the market leader in Ireland for the distribution of construction chemicals and accessories for brickwork, concrete and formwork.
Its products are typically used in the early-stage construction of multi-unit buildings like offices, hotels, apartments, warehouses and commercial buildings; but also in residential development projects.
As well as its DIY retail and builders’ merchants businesses in Ireland, Grafton has building supplies operations in the UK, the Netherlands and Finland and plans to grow further in continental Europe over the next five years.
Group chief executive Gavin Slark said the Sitetech deal – which requires approval by the Competition and Consumer Protection Commission – is “in line” with Grafton’s strategy of acquiring specialist high quality businesses in complementary markets.
The deal follows Grafton’s acquisition of Dublin firm Proline Architectural Hardware – a leading distributor of architectural ironmongery products – earlier this year.
"Sitetech will bring expertise to Grafton in the distribution of specialist construction accessories for large-scale construction projects in Ireland. It will also enable us to offer a broader range of products and services in a new market segment,” Mr Slark said.
Grafton said last month it expects to finish this year “in good shape” despite “a challenging backdrop” of supply chain disruption and pricing pressures. Its revenues rose by over 28% in the first 10 months of the year.
Read MoreWoodie's DIY owner Grafton Group 'in good shape' amid supply and price pressures
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