Leading US distributor of MRO products Grainger has announced that it has reached a definitive agreement to acquire Cromwell Group (Holdings) Ltd together with its subsidiaries on a cash free, debt free basis for £313 million. The transaction is expected to complete in September 2015. Cromwell employs some 2150 people and serves 35,000 customers. Its sales to year end August 31st are forecast to be in the region of £283 million.
Grainger proposes to develop its MRO online model in the UK and Germany, leveraging the Cromwell strengths in product and customer relationships.
“We have demonstrated that when we have a broad product line and supply chain scale as do in the United States, we can develop a profitable online model very quickly. Cromwell is a great company with an outstanding product offering, strong management team, and stable supply chain and will be a strong addition to Grainger,” said Jim Ryan, chairman, president and CEO of Grainger.
Share