Woodie’s DIY owner to buy buildings firm Sitetech
Grafton Group, which owns the Woodie’s DIY chain, is to buy up building materials firm Sitetech, it has announced.
itetech is a market leader in the distribution of specialist products for early-stage building construction, such as concrete, bricks, floors and fillers.
It trades from two locations in Dublin and Cork and reported revenue of €16.9m in 2020, Grafton Group said in a statement today.
“Sitetech will bring expertise to Grafton in the distribution of specialist construction accessories for large scale construction projects in Ireland,” said Grafton Group chief executive Gavin Slark.
“It will also enable us to offer a broader range of products and services in a new market segment.
“This acquisition is in line with our strategy of acquiring specialist high-quality businesses in complementary markets and follows the successful acquisition earlier this year of Proline Architectural Hardware, a leading distributor of architectural ironmongery products based in Dublin.”
Grafton Group, which also owns Chadwicks in Ireland and Selco in the UK, has increased its profit guidance following “stronger than anticipated” trading since July.
The company expects full year adjusted operating profit in continuing operations will be in the range of £265m to £270m (€309.5m-€315m), according to a trading update from the business last month.
Woodie’s continued to achieve a step change in performance compared to 2019, supported by a strong performance in seasonal categories, Grafton Group said at the time.
It is divesting its traditional merchanting business in Britain but has reported “strong” trading momentum in Chadwicks following the phased reopening of the building sector in mid-April.