Completion of Acquisition of IKH in Finland
Grafton Group plc (“Grafton or the Group”), the building materials distributor and DIY retailer with operations in the UK, Ireland and the Netherlands is pleased to announce that, further to its announcement on 22 June 2021, it completed the acquisition of Isojoen Konehalli Oy and Jokapaikka Oy (“IKH”) on 1 July 2021.
IKH is one of the largest workwear, personal protective equipment (“PPE”), tools, spare parts and accessories technical wholesalers and distributors in Finland.
Commenting on completion of the acquisition, Gavin Slark, Chief Executive Officer of Grafton said today:
“We are delighted to announce completion of the IKH acquisition, a business that has an over 50-year heritage in the Finnish market. We believe that IKH is a very good strategic and cultural fit for Grafton and we welcome our new colleagues in Finland to the Group.
Communicated earlier – (In June 2021):
New Growth Platform in Nordic Region
22 June 2021
Grafton Group plc (“Grafton or the Group”), the building materials distributor and DIY retailer with operations in the UK, Ireland and the Netherlands, is pleased to announce that it has signed an agreement with Mr. Ilkka Alakortes and his family to acquire Isojoen Konehalli Oy and Jokapaikka Oy (“IKH”), one of the largest workwear and personal protective equipment (“PPE”), tools, spare parts and accessories technical wholesalers and distributors in Finland.
The consideration payable for IKH is €199.3 million on a cash and debt free basis. It will be paid in cash on completion and will be entirely funded from the Group’s existing cash resources. The acquisition is expected to complete next month.