Grafton buys Spanish distributor Mercaluz
19th March 2026
IRELAND: Grafton Group, the Dublin-based construction product distributor, has acquired Spanish air conditioning distributor Mercaluz.
The deal includes Componentes Eléctricos Mercaluz SA, Mercaluz Hogar SLU, EAS Electric Smart Technology SLU and Mercaluz Canarias SLU.
Mercaluz is a family-owned Spanish group founded in 1986 and headquartered in the province of Alicante. It offers a wide portfolio of equipment, predominantly domestic and commercial air conditioners, from manufacturers and brands including Daikin, Mitsubishi Electric, Fujitsu and Toshiba.
Almost three quarters of sales in 2025 were from own brands, primarily its Johnson brand, over which Mercaluz owns the European rights.
Approximately 70% of sales are aimed at the professional installer market, either direct or through resellers, with the remainder of sales from appliances and white goods which are almost exclusively sold to wholesalers, resellers and developers.
Mercaluz achieved revenue of €150.4m and unaudited adjusted operating profit of €22.2m in 2025.
The total consideration is a maximum of €175m but anticipated to be approximately €165m on a cash and debt free basis which will be determined following completion of the statutory audited results.
The existing management team will remain in place, supported by a team of over 330 employees across 18 locations in Spain.
Grafton’s acquisition of Mercaluz is seen as a step forward in the company’s efforts to consolidate and grow its presence in the Iberian distribution market following the acquisition of HVACR distributor Salvador Escoda in October 2024.
Mercaluz operates on a direct-to-site delivery model with no branch network, instead using regional delivery hubs to serve its 10,500 customers. In contrast, Salvador Escoda operates a branch-based model with 95 branches supplemented by direct deliveries to sites.
“Mercaluz has all the characteristics we are seeking in an acquisition; from the growth segment and markets it serves to its scalability and reputation in the trade,” commented Grafton Group CEO Eric Born. “Subject to regulatory approval, it will further cement our position in the fast-growing Iberian HVAC market with combined annualised sales of some €400m and is a further step in our ambition to build a significant business distributing construction related products and solutions in Iberia,” he added.
