The Northern Ireland building materials company J.P. Corry Group, which was the subject of a £7.6 million management buy-in last year, has expanded into the Republic with the acquisition of the west of Ireland builders suppliers, Coen Holdings.
No price was given by Corry for the acquisition but, based on Coen's £17 million turnover and the operating profits enjoyed by publicly-quoted builders suppliers like Heiton and Grafton, industry sources believe that Corry may have made paid between £12 million and £15 million for Coen.
Coen's steel business is not included in the acquisition and this is being retained by Mr David Coen, who will become chief executive of Coen Steel. This company will be a totally separate entity from the Coen's building supplies and timber business acquired by Corry. The steel business will continue to operate as importers and wholesalers of steel in the Republic and Northern Ireland.
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