Travis Perkins buys rival firm in £557m deal
Travis now biggest UK heating and plumbing specialist
06 July 2010
Travis Perkins has successfully negotiated the acquisition of
rival firm BSS in a £557 million deal.
The deal will make Travis the largest heating and plumbing
business in the UK, above industry giant Wolseley.
The newly formed firm will have combined annual revenues of
around £4.3 billion and employ 19,000 staff.
Robert Walker, chairman of Travis Perkins, claimed the deal
would combine the firms scale and strength with the expertise of
BSS.
He said: "Travis Perkins believes that the recession accelerated
the long-term trend of customers' increasing use of different
distribution channels to source building materials
"Against this backdrop, Travis Perkins believes there is a
powerful strategic logic which underpins a combination of Travis
Perkins' plumbing and heating activities with BSS"
Travis, the owner of DIY chain Wickes, paid 435.4 pence for each
BSS share, representing a 34 per cent premium for BSS
shareholders.