Wolseley UK has today Thursday 14 April 2022 announced the acquisition of leading heating, plumbing, tiling and bathroom businesses Heat Merchants, Tubs & Tiles, and Hevac Ltd.
The acquisition is subject to clearance from the Irish Competition and Consumer Protection Commission.
The three businesses combined have revenues of circa €150 million and employ over 400 people in 47 locations in the Republic of Ireland.
All jobs will be retained, and it is also planned that the individual brands will be retained.
Heat Merchants, which focuses on the heating and plumbing sector, has 31 branches all across Ireland together with a central warehouse and distribution hub in Athlone. Support services offered include technical design and specification, installer training, commissioning, warranty, and after sales services. The commercial division manages a variety of light commercial and multi-residential projects. It has a well-established position in the market with a 42-year track record.
Tubs & Tiles, is the largest tile and bathroom retailer in Ireland, with 12 showrooms nationwide plus an established ecommerce channel. In addition to retail sales, it is a key provider to hotels, leisure, retail, and multi-residential developments in the commercial sector.
Hevac Ltd. specialises in heating systems to the commercial, industrial, and residential sectors. Its capabilities include large industrial steam systems, underfloor heating, district heating, and renewable energy solutions. Hevac engages with customers from the project concept stage to project delivery.
The transaction also includes the acquisition of other successful brands including Tube Company of Ireland Limited; Polytherm Heating Systems Limited; Origen Energy Limited and Aluminox Limited.
Simon Oakland, CEO Wolseley UK, commented: “This is a very exciting announcement for Wolseley as it acquires Heat Merchants, Tubs & Tiles, and Hevac, all well-known brands in Ireland providing a local and personal service, which Wolseley will further build on. Wolseley, itself, is undergoing an ambitious growth strategy through business acquisition and this latest announcement is a key part of this.”
Shane Colleran, Director, Heat Merchants Group said: “This transaction and change to Wolseley ownership couldn’t have been better timed. It will allow us to build on the momentum we have generated over recent years and enable us to invest in the significant market opportunities in Ireland. There’s been a considerable increase in activity to address housing under-supply coupled with the continued development of commercial and industrial infrastructure on which this transaction will enable us to capitalise.”
Garrett White, Director, Hevac added: “We are incredibly optimistic about the substantial opportunities presented by this acquisition by Wolseley. The new ownership will allow us to contribute the appropriate resources and skills to further invest in Hevac and leverage Wolseley’s broader operational capabilities. We are excited about the future and the chance to accelerate our growth with Wolseley.”
Heat Merchants and Hevac were advised on the transaction by CapNua Corporate Finance and Eversheds.