Grafton expands Belgium operation

Grafton Group has extended its mainland European presence by acquiring Gedimat-Ginion, a single- branch general merchanting business in Belgium.

While Grafton has not disclosed how much it paid for the company, the Brussels-based business generated revenues of €4.1m in the 12 months to the end of June.

Grafton said the deal expands and complements its presence in the Brussels market. Last year, the company announced the purchase of the Binje Ackermans merchanting business, which trades as MPRO, from French multinational, Saint-Gobain, for €20.5m in cash.

That deal effectively doubled the size of Grafton’s operations in Belgium.

Davy Stockbrokers suggested in a research note yesterday that based on MPRO’s valuation, a price of between £1.2m and £1.3m for the Gedimat-Ginion business would make sense.

“This latest acquisition further consolidates a market-leading position for Grafton in the Brussels region,” Davy added.

Yesterday’s news follows on from Grafton extending its UK presence four weeks ago; via the acquisition of Direct Builders Merchants, a three-branch merchanting business in the south-east of England.

Grafton is also expected beyond Ireland, the UK and Belgium.

More in this Section

Brexit will hurt bad but let’s not overstate the costs

Pharma lifts the Trump blues for Ireland

We should cheer, not fear, rising interest rates

Ireland in firing line as Trump talks up US trade


Breaking Stories

Bribery probe Latvian banker 'sought to extort money for years'

Average Irish worker will attend almost 6,500 meetings in their lifetime

Government withdraws Philip Lane's nomination for ECB post

KFC stores in Britain forced to close due to chicken shortages

Lifestyle

The biggest cancer killer will take your breath away

Hopefully she had an idea...

Power of the press: Meryl Streep and Tom Hanks discuss 'The Post'

More From The Irish Examiner