Plumb Center owner Wolseley has hit the acquisition trail again - this time paying #111 million for four targets in the US and Europe.

The hyper-acquisitive Warwickshire firm, which also runs Build Center, snapped up the companies as part of its plans of achieving double digit growth every year.

With turnover of #14.2 billion for the last year, Wolseley is expected to spend at least #300 million in the coming months to achieve its aim of achieving half the increase through acquisitions.

The latest purchases have been funded by the #655 million raised by a recent placing of shares as well as borrowing and Wolseley's cash flow.

Wolseley, which employs 650 at its UK HQ and distribution centre in Leamington, expects the four acquisitions to add #148 million in revenues over the full year.

They include the plumbing products group Castle and Northern Water Works Supply in America, US waterworks company Northern Water Works Supply, UK builders' merchants Murdock Group and Finnish kitchen equipment company Helatukku.

In a note, ABN Amro said: "This is small in the context of the group size, but useful in that it underlines management's commitment to continue to spend despite the recent placing."

Since the beginning of August, Wolseley has made ten bolt-on acquisitions in Europe and North America for #160 million.

These should add #238 million to full-year revenue, the company said.

Wolseley is the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials. The latest acquisitions began on October 2, when the assets of Lawrence Plumbing Supply and the shares of Castle Supply Company and Castle North Corporation were acquired.

Wolseley said this purchase, which has 27 sites in Florida, would compliment its established presence in the Sunshine State's commercial plumbing market.

Last year, Castle Group had revenues of #87.9 million and gross assets of #15.1 million.

Also, on October 2, Ferguson acquired Northern Water Works Supply, the largest independent wholesaler of waterworks products in the northern states of Minnesota, North Dakota, South Dakota, Iowa, western Wisconsin and northern Illinois. In the year ended December 31 2005, NWWS had sales of #48.5 million and gross assets of #10.7 million.

The Murdock ECD and Murdock Haworth businesses acquired consist of three builders merchant branches located in the North-west of England, which had sales last year of #7.1 million.

On October 5, Wolseley's subsidiary DT Group acquired Helatukku Finland Oy, which imports, markets and distributes items mainly for the kitchen cabinet manufacturing industry.

In the year ended December 31 2005, Helatukku had revenue of #4.2 million and gross assets of #2 million.

Chip Hornsby, group chief executive of Wolseley said: "We are delighted to announce these four bolt-on acquisitions which complement our existing business in Europe and North America." ..SUPL: