Heiton acquires Waterford plumbing company

Heiton, building materials and owner of home improvement outlet Atlantic Homecare, has acquired Waterford-based plumbing firm Paddy Power and Company for a reported €5m.

Heiton, building materials company and owner of home improvement outlet Atlantic Homecare, has acquired Waterford-based plumbing firm Paddy Power and Company for a reported €5m.

Paddy Power and Company is the south-east's largest plumbing, heating and drainage merchant, and generated a turnover of €8m last year, with net assets of €1.0m.

The takeover is Heiton's first of 2004 and is expected to be one of a number of deals this year.

The group said the acquisition would be funded from internal resources and is expected to be immediately profitable.

The chief executive of the Clondalkin based group said: "We will continue to seek out suitable acquisitions which will enable us to add to our portfolio of businesses which supply a full complement of products to the construction industry".

The Heiton Trade portfolio includes Heiton Buckley, Cork Builders Providers, Sam Hire and Wright Window Systems.