Building materials group and DIY retailer Grafton Group has acquired UK-based StairBox in a deal worth £44 million (€49 million).
The Woodies DIY owner will pay the £44 million on a cash and debt-free basis, including a deferred payment of £4 million that will come due in November 2022.
StairBox, which manufactures and distributes bespoke wooden staircases, deals primarily with trade customers operating in the residential repair, maintenance and improvement market across the UK. It has developed a software application that enables customers to design, visualise and price staircases on the StairBox website. It also has a state-of-the-art production facility in Stoke-on-Trent.
The company reported revenue of £19.5 million and adjusted operating profit of £6.1 million for the year ended March 31st 2020.
“The acquisition of StairBox is in line with our strategy of acquiring specialist high quality businesses with attractive returns,” said Gavin Slark, Grafton chief executive.
"We are delighted with this acquisition opportunity and the skills and experience that the management team under the leadership of Alex Hancock will bring to the group."
