Completion of DL Radiators srl acquisition
Source: RNS
13 July 2022
STELRAD GROUP PLC
("Stelrad" or the "Company")
Completion of DL Radiators srl acquisition
Further to the announcement on 23 June 2022, Stelrad Group plc, a leading specialist manufacturer and distributor of radiators in the UK, Europe and Turkey, is pleased to confirm today that it has completed the acquisition of DL Radiators srl (" DL Radiators ") for €28.346 million on a debt free, cash free basis.
The acquisition extends the range of radiators available to Stelrad's existing sales and distribution network, expands its routes to market, provides a well-established complementary brand and increases its manufacturing capacity, all elements that are aligned with the acquisition policy and strategy stated at the time of the Group's admission to the London Stock Exchange in 2021.
Trevor Harvey, CEO of Stelrad, said:
"This acquisition will allow Stelrad to grow our business through the provision of additional products and through geographical expansion. DL Radiators has strong brands with a significant customer base and we look forward to realising value opportunities and expanding the market for their higher value product ranges.''
ENQUIRIES
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Stelrad Group plc Trevor Harvey, Chief Executive Officer George Letham, Chief Financial Officer
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+44 (0)191 261 3301 |
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Investec Bank plc (Sole Corporate Broker) Bruce Garrow Ben Griffiths
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+44 (0)20 7597 5970 |
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Powerscourt (Media Relations) James White Genevieve Ryan
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+44 (0)7855 432 699
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