Merchanting and DIY business Grafton Group is to acquire a major Dutch tools distributor, giving it its first foothold in the Netherlands.
Isero is the Netherlands' leading specialist distributor of tools and fixings, trading from 38 branches under the Gerritse, Breur Ceintuurbaan and Van der Winkel brands.

Grafton, whose main interest in the DIY market is Irish chain Woodie's, is acquiring the company from H2 Equity Partners, the majority shareholder, private individuals and management who have a small shareholding. The deal is worth €91.5m and is expected to complete before the end of the year.

Isero generated revenue of €94m and reported adjusted EBITDA of €10m in the year to June 30 2015.

"The acquisition of Isero will give Grafton a presence in the Netherlands for the first time and strengthen its branch footprint in the mainland European market," said Grafton chief executive officer Gavin Slark.

"Isero is being acquired at an early stage in the recovery of the Netherlands economy and there are excellent opportunities for the organic and acquisitive expansion of the business."

He added that Isero's small store format would broaden the group's merchanting capabilities.