Heiton Holdings, the Atlantic home care DIY group, has acquired Gillespie Building Supplies (Carlow), and an adjoining property, for €1.7 million (£1.3 million). Gillespie trades as Mr B Building Supplies and is situated at the Kernanstown Industrial Estate in Carlow. Heiton said the acquisition furthers its strategy to provide nationwide coverage. Established in 1997, it is trading at breakeven. The value of the net assets being acquired is a little under the consideration. "There will be very little goodwill," said Mr Leo Martin, Heiton's group chief executive-designate.
The business, which was owned by the Gillespie family interests, is being acquired because it plugs a gap in its geographical coverage, he said. In addition, it "enables Heitons to quickly build up a presence in the region which until now has not been fully serviced by the group".
The plan, he said, is to double, or treble, the size of the business, in a few years. The new business will be expanded to include the group's hire business.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)