Heitons build portfolio with purchase

BUILDERS merchants Heiton Group plc have paid close to €4 million for the Waterford-based specialist plumbing and heating products supplier Paddy Power and Company.

Kilbarry-based Paddy Power was a family firm. Manager Paddy Power, is to run the business in the medium term following the sale. Heitons said no redundancies are planned among the 21 staff. No sale price was disclosed but Goodbody Stockbrokers believe it was between €3m and €5m.

Heiton said the acquisition forms part of the group’s strategy of “category and geographic expansion” of its trade division and consolidates the group’s position in the South East. NCB analyst John Sheehan said of the purchase: “The integration process will be straight forward, with buying synergies a primary focus.”