Gilde buys stake in Wasco spin-out from Ferguson

The transaction, which was inked at the end of December 2018, is subject to the approval of the relevant anti-competition authorities. No further details regarding the size of the transaction have been released.

Gilde will be investing alongside management, as Wasco will be carved out of current owner Ferguson. The UK-listed building materials suppliers acquired Wasco in 2002 for a cash consideration of £38m.

Gilde closed its latest vehicle, GEM Benelux IV, on its target of €300m in November 2017. The fund is looking to invest in Benelux mid-market deals with enterprise values between €20-200m.

Company
Founded in 1970, Wasco is a professional wholesaler in the heating, sanitary, spare parts, ventilation and air-conditioning segments. It has 36 branches across the Netherlands, two distribution centres and an online store. The business reported revenues of $322m for the year ending in July 2018, with an EBIT of $13m, according to Unquote sister publication Mergermarket.

People
Gilde Equity Management Benelux – Remko Jager (managing partner).

Advisers
Equity – Simmons & Simmons (legal).
Vendor – ING (M&A).
Company – Van Doorne (legal).

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• Topics
• Buyouts
• Benelux
• Industrials
• Gilde Equity Management Benelux
• Netherlands