Wolseley plc has completed the sale of its French subsidiary Bois & Matériaux (“B&M”) to OpenGate Capital, a global private equity firm, announced in November 2015.
B&M is one of the top three business-to-business distributors of building materials in France, with revenues of c.€650 million and 2,500 employees, operating from 138 locations.
B&M has two principal established brands: Réseau Pro and Panofrance, together with a single-branch business, Guimier, a specialist supplier of architectural plaster mouldings to the Parisian market. B&M distributes building materials to more than 12,000 smaller trade customers in the residential market.
Wolseley plc is a FTSE 100 company and the world’s number one distributor of heating and plumbing products and a leading supplier of builders’ products to the professional market.
OpenGate Capital is a global private equity firm headquartered in Los Angeles, with offices in New York, Paris and São Paulo.
Smith Square Partners acted as financial adviser to Wolseley plc in relation to the transaction.