HIG sink £325m into Travis Perkins’ plumbing business
Home improvement firm Travis Perkins has this morning announced the sale of its plumbing business to an affiliate of H.I.G. Capital for £325m.
The firm said that the proceeds from the sale would be given back to shareholders in the form of a 35p special dividend and, if possible, a share buyback.
The deal means that the FTSE 250 firm has now completed plans for slimming its portfolio announced at a capital markets day in 2018.
Nick Roberts, chief executive, commented: “Today marks another important step on our journey to becoming a simplified Group, focused on our market leading trade businesses.
“A significant amount of work has gone into improving the P&H business over the last few years and I am sure that the business will continue to make excellent progress under the ownership of H.I.G.”
Earlier this year Travis Perkins completed the demerger of Wickes. The move was designed to make the firm “a simplified and trade-focused group”.
“Looking forward, the group has a bright future as the leading provider of building products in
the UK and we look forward to setting out our plans later in the summer to continue to drive
growth”, Roberts added.