Reliance Worldwide acquires Holman Industries for $160m
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The news: Plumbing supplies manufacturer Reliance Worldwide Corporation has announced the acquisition of Holman Industries for $160 million.
The numbers: Reliance said the purchase of plumbing products group Holman Industries is expected to double its annual net external sales in the Asia Pacific region to around $360 million, and add $50 million to segment's net sales for the current financial year.
Perth-based Holman recorded net sales of $192 million and adjusted EBITDA of $22.9 million in the 12 months to December 2023.
The context: Reliance chief executive Heath Sharp said the acquisition will expand the company's product offering and channel partner distribution reach, and drive growth in the Australian plumbing market. He also plans to put more scale and manufacturing capability behind Holman.
Holman's managing director Wally Edwards has agreed to stay on in an advisory capacity for two years following completion of the acquisition.
What they said: Sharp commented: "The acquisition of Holman provides Reliance with immediate and substantial access to the Australian water-out segment, allowing us to strengthen our overall offering and be an even better partner to our core plumbing wholesalers in Australia".
"Entering the water-out market is a strategic priority in each of our three regions... Holman markets our first foray into this end market."
The source: ASX announcement
