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Manutan Group acquires Ironmongery Direct

Manutan Group (www.manutan.fr), a leading European supplier to business and local authorities, is pleased to announce today the acquisition of Ironmongery Direct Limited (IDL) (www.ironmongerydirect.co.uk), a distributor of ironmongery products to tradesmen on the UK market.

Based in Essex, Ironmongery Direct was founded in 1969 as a traditional ironmonger's shop. Over the last five years IDL has achieved compound growth of over 20% per annum.

During its financial year ended 31 December 2012, Ironmongery Direct turnover amounted to GBP 18.1 million, an increase of over 20% compared to the previous year. Operating profit was circa 7.6 % of turnover.

Ironmongery Direct's impressive track record of profitable growth over many years shows how tradesmen value their unique positioning offering over 14,000 in-stock items ready for next day delivery throughout UK combined with a very attractive price policy and a multi-channel approach (7 days a week available call center and a state-of art e-commerce/m-commerce platform).

This performance was achieved despite the very tough economic conditions in the construction industry over the past years.

The transaction was completely financed by the Group's equity. Its financial position post-acquisition remains on a very strong and sound footing as before this transaction.

The acquisition of Ironmongery Direct allows Manutan:

- to enrich its product range offer in the B2B market place in the UK ;
- to access a new type of customers, tradesmen, and a new market i.e. the building trade;
- to reinforce its position on the UK market, where it already operates two successful brands: Key, its first subsidiary (http://www.key.co.uk) and Rapid Racking (http://www.rapidracking.co.uk), acquired in 2008.

About the Manutan Group:

The Manutan Group is a leading player in the European multi-channel distribution market for businesses and local authorities. The group operates in 19 European countries through 22 subsidiaries. In 2011/2012, the Manutan Group generated revenue of 571 million euros, of which 40% was achieved outside France.

Manutan International is listed on Compartment B of Euronext Paris, ISIN: FR0000032302-MAN.

Source : 4Traders
www.4-traders.com/MANUTAN-INTL-5211/news/MANUTAN-INTL-INTERNATIONAL-Acquisition-of-Ironmongery-Direct-Limited-12-July-2013-17085418/

12 July 2013
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