Reece snaps up New Zealand plumbing businesses

Company News

by Anna Napoli

Plumbing and bathroom supply company Reece (ASX:REH) has announced the acquisition of New Zealand plumbing business Edward Gibbon and Zip Plumbing Plus stores.

Edward Gibbon has 10 stores in the main centres of New Zealand’s south and North islands, while Zip plumbing has Christchurch and Takanini  stores.

The company says the acquisitions will provide Reece further expansion into New Zealand’s $7 billion hardware and building supplies industry.

Under the agreement the business’s existing management will remain in place for the immediate future, with completion expected towards the end of July.

The deal comes hot on the heels of the company’s $1.9 billion dollar takeover of US plumbing business MORSCO last month..

Shares in Reece (ASX:REH) 0.66 per cent higher to $12.28


Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.