Grafton Group has completed the acquisition of family-founded Spanish group Mercaluz in a deal that could be worth up to €175 million.
The acquisition of the family-owned business includes the share capital of Componentes Eléctricos Mercaluz, Mercaluz Hogar, EAS Electric Smart Technology and Mercaluz Canarias.
The group predominantly a distributor of domestic and commercial air conditioning equipment and some white goods and home appliances to professional SME installers, with about 10,500 customers in 2025.
Founded in 1986, Mercaluz distributes domestic and commercial air conditioning equipment to professional installers. In 2025, it reported unaudited revenue of €150.4 million and unaudited adjusted operating profit of €22.2 million.
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Although the total sum could rise to €175 million, Grafton said it expected the purchase price to be approximately €165 million on a cash and debt-free basis. Grafton said the final price would be determined following completion of statutory audited results.
The move follows Grafton’s acquisition of another Spanish group, Salvador Escoda, in October 2024 in a €130 million transaction.
The two businesses will remain operating independently, with Mercaluz offering a direct-to-site delivery model with no branch network and Salvador Escoda operating its branch-based model supplemented by direct deliveries to sites.
The existing management team will remain in place, Grafton said, overseeing a team of more than 330 employees across 18 locations in Spain.
Grafton said the acquisition of Mercaluz is expected to be earnings-enhancing in its first full financial year following the deal.
It said the acquisition reinforces its position in the fast-growing Iberian heating, ventilation, and air conditioning market.
“It is a further step in the group’s ambition to build a significant business distributing construction related products and solutions in Iberia, following the acquisition of Salvador Escoda in October 2024,” it added.
Grafton Group chief executive Eric Born said: “We look forward to working with the management team and colleagues to support the development and ongoing organic expansion of the Mercaluz brand in the fragmented Iberian marketplace.”
