Grafton Group PLC - Dublin-based building materials distributor - agrees to acquire the Spanish, family-owned Mercaluz group, consisting of Componentes Electricos Mercaluz SA, Mercaluz Hogar SLU, EAS Electric Smart Technology SLU and Mercaluz Canarias SLU. Consideration is up to €175 million but Grafton expects it to total approximately €165 million. Mercaluz, based in the Iberian Peninsula’s Alicante province, distributes domestic and commercial air conditioning equipment to professional specialist mechanical engineer installers, and holds European rights to the ‘fast-growing’ brand Johnson. Grafton notes Mercaluz’s ‘strong growth in 2025’, including unaudited revenue of €150.4 million and adjusted operating profit of €22.2 million. Says the acquisition consideration will be determined following completion of the statutory audited results. Expects the takeover to be earnings-enhancing in its first full financial year, followed by an ‘attractive’ medium-term return on invested capital. Also notes that Spain ‘was amongst the best performing economies in Europe last year’, with the construction sector forecast to grow by between 3% and 4% this year.
Highlighting Grafton’s ‘growing presence in Iberia’, Chief Executive Officer Eric Born comments: ‘Mercaluz has all the characteristics we are seeking in an acquisition; from the growth segment and markets it serves to its scalability and reputation in the trade. Subject to regulatory approval, it will further cement our position in the fast-growing Iberian [heating, ventilation and air conditioning] market with combined annualised sales of some €400m and is a further step in our ambition to build a significant business distributing construction related products and solutions in Iberia.’
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