HIG sink £325m into Travis Perkins’ plumbing business : CityAM
Home improvement company Travis Perkins announced this morning the sale of its plumbing business to a subsidiary of HIG Capital for £ 325 million.
The company said the proceeds from the sale would be returned to shareholders in the form of a special dividend of 35 pence and, if possible, a share buyback.
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The deal means that the FTSE 250 company has now completed plans to slim down its portfolio, announced on a capital market day in 2018.
Nick Roberts, CEO, commented, “Today marks another important step on our journey to become a simplified Group, focused on our market-leading trading activities.
“Much work has been done in recent years to improve the P&H business and I am confident that the company will continue to make excellent progress under the ownership of HIG”
Earlier this year, Travis Perkins completed the split from Wickes. The move was to make the company a “simplified and trade-oriented group”.
“Looking ahead, the group has a bright future as a leading supplier of construction products
the UK and we look forward to setting out our plans to continue driving later in the summer
growth, ”added Roberts.
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