The consideration payable is £44 million on a cash and debt free basis including £4 million that is deferred until November 2022. StairBox reported revenue of £19.5 million and adjusted operating profit of £6.1 million for the year ended 31 March 2020.
The company delivers staircase solutions directly to primarily trade customers operating in the residential repair, maintenance and improvement market across the UK and is reported to have “a strong market position and brand that is synonymous with quality, value and exceptional customer service, supported by a team of technical advisors”. Furthermore, it “offers unique, competitively priced products manufactured from high quality materials and delivered on time”.
Gavin Slark, Chief Executive Officer of Grafton, said: “StairBox is a dynamic manufacturing business with a best in class on-line solution at its core. It has an efficient production process, nationwide distribution and strong growth potential. The acquisition of StairBox is in line with our strategy of acquiring specialist high quality businesses with attractive returns. We are delighted with this acquisition opportunity and the skills and experience that the management team under the leadership of Alex Hancock will bring to the Group.”