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Frenger International is pleased to announce Manutan’s acquisition of Ironmongery Direct Limited, a British company specialized in the distribution of ironmongery products to tradesmen on the UK market.
Based in Basildon, Essex, the company was founded in 1969 as a traditional ironmonger’s shop and currently employs more than 100 people.
This acquisition was entirely initiated and managed by Frenger on behalf of the French group Manutan International.
The acquisition of Ironmongery Direct allows Manutan to both enrich its product range offer in the B2B market place in the UK, and to access a new type of customers, tradesmen, and a new market such as the building trade. Ironmongery Direct will also reinforce Manutan position on the UK market, where it already operates two successful brands: Key, its first subsidiary and Rapid Racking, acquired in 2008.
During its financial year ended 31 December 2012, Ironmongery Direct turnover amounted to GBP 18.1 million, an increase of over 20% compared to the previous year. Operating profit was circa 7.6 % of turnover.
Manutan Internationl is a leading player in the European multi-channel distribution market for businesses and local authorities. The French group operates in 19 European countries through 22 subsidiaries. In 2011/2012, Manutan generated revenue of 571 million euro, of which 40% was achieved outside France. It is listed on Compartment B of Euronext Paris.
Manutan International was assisted in this project by Frenger International Ltd, a Mergers & Acquisitions boutique specialized in the initiation and management of cross-border acquisitions for its clients. Based in London since 1983, Frenger International has completed more than 50 operations on behalf of European and North American groups from many sectors.