Plumbing and heating distributor Wolseley has continued its acquisitive habit with an £81 million deal to buy Scottish building products specialist William Wilson.
The deal for Wilson, which also supplies electrical, plumbing and building products, follows Wolseley's £140.5 million acquisition of insulation firm Encon last week.
Since the beginning of its financial year on August 1, a total of 11 distribution businesses in Europe and North America have been acquired by Wolseley for £317 million.
Wolseley UK, which bought Wilson from 3i and a large number of individuals and trusts, said it was part of its strategy of expanding its European distribution operations into related construction materials.
The company, which employs 380 people at its new HQ in Leamington, paid £81 million which will be financed from its existing resources.
Charlie Banks, group chief executive of Wolseley said: "We are delighted to announce this acquisition which further strengthens our presence in the UK market.
"As well as significantly expanding our operations in the North of England and Scotland, the acquisition of William Wilson enables us to develop our presence in these regions and to expand the range of construction products we distribute to now include electrical supplies.
"We remain committed to growing the business at double-digit rates through a combination of organic and acquisition growth."
Venture capital outfit 3i made a profit of £22 million on the transaction for its third of the business which it bought in 1971.
Judy Mackie, 3i portfolio manager, said: "Since we invested in William Wilson, the company has grown strongly to become one of the leading players in the industry.
"We believe this acquisition offers a great opportunity for both William Wilson and Wolseley."
