Plumbers’ merchant Wolseley has completed the £49 million takeover of a US-based rival.
The Leamington-based firm acquired Davis & Warshow, a residential and commercial plumbing supplier in the New York metropolitan area in a cash deal.
The business generated revenue of £72 million in 2011 and trading profit of £5.3 million, while the net assets acquired were £24 million.
The business, which operates from 11 locations, including seven plumbing branches and three stand alone showrooms, will be integrated with Wolseley’s US Blended Branches business.
“The acquisition of a long-standing, well-respected business such as Davis & Warshow allows us to enter the greater New York City area, where we have historically been under-represented,” said Wolseley chief executive Ian Meakins.
“It also provides a solid platform for future growth and expansion in this large and attractive market.”