Building materials company Grafton Group has completed the acquisition of personal protective equipment maker IKH in Finland for €199.3 million.
The cash deal gives Grafton its first foothold in the Finnish market.
IKH is one of the largest workwear, personal protective equipment (PPE), tools, spare parts and accessories technical wholesalers and distributors in Finland.
“We are delighted to announce completion of the IKH acquisition, a business that has an over 50-year heritage in the Finnish market,” Grafton chief executive Gavin Slark said.
“ We believe that IKH is a very good strategic and cultural fit for Grafton and we welcome our new colleagues in Finland to the group,” he added.
The IKH family-owned business was founded in 1956, and has its headquarters in Kauhajoki, along with its distribution and logistics centre.It currently employs around 400 people.
It reported revenue of €159 million for the year to the end of February. The closure of the IKH deal comes in the wake of Grafton’s announcement that it has agreed a deal to sell its British traditional merchanting business for £520 million (€604 million) to Huws Gray.
The move comes following an announcement earlier in the year that the group was undertaking a strategic review of its business.
