Merchanting and DIY Group Grafton has bought Leyland SDM, London's largest independent specialist decorators' merchant for £82.4m.
Leyland SDM's network of 21 stores are situated in some of London's most prominent locations including King's Road Chelsea, High Street Kensington, Shaftesbury Avenue, Victoria, Clerkenwell, and Notting Hill.
In the last two years, it has further expanded its footprint with four new stores opened in Battersea, Mile End, Clapham High Street and Putney as well as opening a new distribution centre at Wembley.
The company's revenue and underlying EBITA came to £47.8m and £7.3m respectively for the year ended 31 December 2017.
Grafton said the deal will be funded from its existing cash and debt facilities.
"The acquisition of Leyland SDM is a unique opportunity to acquire a leading brand with exceptional locations in Central London and expands our presence in a resilient segment of the merchanting market located at the heart of one of the world's leading cities," commented Grafton's chief executive Gavin Slark.
