UK/USA: While plumbing and heating group Ferguson seeks a buyer for its UK operations business, Wolseley, the company continues its acquisitions in the US.
According to Bloomberg, Ferguson kicked off a sale of its UK business earlier this month, generating interest from private equity firms as well as some strategic bidders. Quoting an unnamed source, Bloomberg says that Ferguson is working with a financial advisor in a deal for Wolseley which could fetch about £500m. A deal could be announced early next year.
Meanwhile, Ferguson yesterday announced the acquisition of Old Dominion Supply Inc, a wholesale distributor of HVAC parts and supplies in Maryland and Northern Virginia.
Founded in 1962, Old Dominion operates with approximately 40 associates based out of two locations and serves the Washington DC metro area, Baltimore, Central Maryland and Northern Virginia. The company has annualised revenue of approximately $55m.