Buck & Hickman sold for £27m
Buck & Hickman, based in Coventry, has been purchased by industrial components supplier Brammer in a deal worth £27.6m. Brammer said it planned to fund the majority of the cost through a £25m share placing.
Industrial products distributor Buck & Hickman was purchased by the Wythenshawe-based company from builders' merchant Travis Perkins.
Buck & Hickman was founded in the 1830s and supplies more than 60,000 branded and own-brand industrial and maintenance products. Almost 14,000 of its products are sold under its 'Roebuck' brand.
The business also operates 28 branches nationwide, has a national distribution centre in Coventry and a fleet of 90 vehicles. In the year to 31 March it generated revenues of £94.8m, up from £80.7m in the previous 12 months, and adjusted underlying pre-tax earnings of £1.9m, up from £170,000.
Ian Fraser, chief executive of Brammer, said: "Buck & Hickman is an excellent strategic acquisition for the group, providing us with the opportunity to enhance our position significantly in the approximate £2.2bn UK tools and general maintenance MRO (maintenance, repair, and operations) market.
"It will also increase our critical mass and generate additional value from cross-selling initiatives in the larger European market place, which is hugely fragmented, and which we estimate to be worth at least €10bn per annum.
"We look forward to working alongside Buck & Hickman's highly experienced and knowledgeable team. I am confident that together we can drive the business forward and that Brammer will be a stronger group as a result."
Buck & Hickman was bought by BSS Group in April 2007 and became part of Travis Perkins when the company bought BSS last December.
