Wolseley plc Acquisition Update: 42 Million Pounds Spent on Four Further Acquisitions Taking Total for the Year So Far to a Rec
24 Abril 2006 - 3:00AM
PR Newswire (US)
CINCINNATI, April 24 /PRNewswire-FirstCall/ -- Wolseley plc, the
world's largest specialist trade distributor of plumbing and
heating products to professional contractors and a leading supplier
of building materials, announced today four further acquisitions
for an aggregate consideration of 42 million pounds Sterling. In a
full year, these four acquisitions are expected to add
approximately 93 million pounds in additional revenue. Since the
beginning of the financial year on August 1, 2005, a total of 39
businesses in Europe and North America have been acquired for an
aggregate consideration of approximately 665 million pounds. These
39 acquisitions are expected to add approximately 1,089 million
pounds to Group revenue in a full year. Goodwill and intangible
assets related to these acquisitions are estimated to be around 427
million pounds. These totals do not include the recommended offer
for Brandon Hire plc which was announced on March 28, 2006. North
America On April 11, 2006, Ferguson Enterprises, Inc. ("Ferguson")
acquired Pipe Products, Inc. ("Pipe Products") a pipe distributor,
from Steve Tino and Steve Kushner. Pipe Products operates six
facilities across Ohio, Kentucky and Indiana and conducts business
in three principal market segments: mechanical/industrial, fire
fabrication and process chemical/petroleum. In the year ended April
30, 2005 Pipe Products had revenue of $60.5 million (34.6 million
pounds) and gross assets of $12.4 million (7.1 million pounds) at
that date. On April 17, 2006, Stock Building Supply ("Stock")
acquired the fixed assets and inventory of the wholesale division
("Wholesale Division") of Davis Homes, LLC ("Davis Homes"). Based
in Indianapolis, Wholesale Division is the only supplier of roof
trusses, wall panels, door assemblies, framing lumber, windows, sub
flooring, trim, roofing and sheathing to Davis Homes. As part of
the acquisition, Stock will enter into a supply agreement with
Davis Homes. In the year ended December 31, 2005 Wholesale Division
had revenue of $19.4 million (11.1 million pounds) and gross assets
of $1.7 million (1.0 million pounds) at that date. Europe On April
19, 2006, Wolseley UK acquired K&R Building Supplies Limited
("K&R"), a builders' merchant, from Kay Clackworthy and Peter
Clackworthy. K&R operates from a one acre site close to the
centre of Penzance, Cornwall. In the year ended March 31, 2005
K&R had revenue of 3.0 million pounds and gross assets of
100,000 pounds at that date. On April 21, 2006 Wolseley UK acquired
AC Electrical Limited ("AC Electrical") an electrical wholesalers,
from John Kelly, Michael Kelly, Lydia Kelly, David Bell and Richard
Rose. AC Electrical targets small to medium sized electrical
contractors. It operates from 40 branches with geographic coverage
stretching southwards from Leeds and Manchester complementing the
William Wilson branches, acquired in November 2005, which are
located in Scotland and the north of England. In the year ended
March 31, 2005 AC Electrical had revenue of 44.4 million pounds and
gross assets of 7.8 million pounds at that date. Following this
acquisition, Wolseley UK has 64 stand alone electrical branches.
The divisional split of the total acquisition spend since August 1,
2005 is: No. of Spend Division Acquisitions Million Pounds Europe
16 308 North America 23 357 TOTAL 39 665 Charlie Banks, Group Chief
Executive of Wolseley said: "We are delighted to announce these new
acquisitions which will further strengthen our presence in Europe
and North America. They support our strategy of growing the
business through increased product and geographic diversity to
provide a platform for future organic growth." Exchange Rates The
following exchange rate has been used for the acquisition noted
above: 1 pound = $1.75. Certain statements included in this
announcement may be forward-looking and may involve risks,
assumptions and uncertainties that could cause actual results to
differ materially from those expressed or implied by the forward-
looking statements. Forward-looking statements include, without
limitation, projections relating to results of operations and
financial conditions and the Company's plans and objectives for
future operations including, without limitation, discussions of the
Company's business and financial plans, expected future revenues
and expenditures, investments and disposals, risks associated with
changes in economic conditions, the strength of the plumbing and
heating and building materials market in North America and Europe,
fluctuations in product prices and changes in exchange and interest
rates. All forward-looking statements in this respect are based
upon information known to the Company on the date of this
announcement. The Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise. It is not
reasonably possible to itemize all of the many factors and events
that could cause the Company's forward-looking statements to be
incorrect or that could otherwise have a material adverse effect on
the future operations or results of the Company. About Wolseley plc
Wolseley plc is the world's largest specialist trade distributor of
plumbing and heating products and a leading supplier of building
materials to professional contractors in North America, the UK and
Continental Europe. Group revenues for the year ended July 31, 2005
were approximately 11.3 billion pounds and operating profit, before
amortization of acquired intangibles, was 708 million pounds.
Wolseley has more than 65,000 employees operating in 14 countries
namely: UK, USA, France, Canada, Ireland, Italy, The Netherlands,
Switzerland, Austria, Czech Republic, Hungary, Belgium, Luxembourg
and Denmark. Wolseley is listed on the London and New York Stock
Exchanges (LSE:WOS.L) (NYSE:WOS) and is in the FTSE 100 index of
listed companies. DATASOURCE: Wolseley plc CONTACT:
Investors-Analysts, John R. English, Director, Investor Relations,
North America, +1-513-771-9000, or +1-513-328-4900, or Media, Penny
Studholme, Director of Corporate Communications, +0118 929 8886,
both of Wolseley plc Web site: http://www.wolseley.com/
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