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Grafton Group Agrees To Acquire IKH In Finland

Grafton Group plc (GFTU.L), on Tuesday, said it signed an agreement with Mr. Ilkka Alakortes and his family to acquire Isojoen Konehalli Oy and Jokapaikka Oy or IKH, for €199.3 million on a cash and debt free basis.

The consideration would be paid in cash on completion and would be entirely funded from the Group's existing cash resources. The acquisition is expected to complete next month.

IKH is one of the largest workwear and personal protective equipment, tools, spare parts and accessories technical wholesalers and distributors in Finland.

IKH reported revenue of €158.8 million and an adjusted operating profit of €21.0 million for the year ended 28 February 2021. Gross assets were €101.7 million at 28 February 2021.

Gavin Slark, Chief Executive Officer of Grafton, said, "The acquisition of IKH is an exciting development that gives Grafton a presence in Finland for the first time and broadens its market position. It will also strengthen the Group's operations in the mainland European market in line with our international development strategy. IKH is a high-quality business with a strong market position and an experienced management team that provides Grafton with a new growth platform in the Nordic Region. We look forward to welcoming the IKH management team and their colleagues to Grafton."

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