Grafton Group Plc has confirmed the sale of Plumbase to Plumbing and Heating Investments Limited ("PHIL") for an enterprise value of £66.75 million.
The company asserts that "the disposal of Plumbase is in line with the Group's strategy of orientating towards higher returning businesses with good long-term growth prospects". Plumbase generated sales of £257.8 million and operating profit of £6.0 million for the year ended 31 December 2018.
Gavin Slark, Chief Executive Officer of Grafton Group plc, said: "The sale of Plumbase to PHIL secures future opportunities for Plumbase, its employees, and other stakeholders as part of an enlarged specialist plumbing and heating business. This transaction represents a very positive outcome for Grafton and enables us to continue to focus our capital and resources on attractive growth opportunities that generate appropriate returns for our shareholders."