Leyland SDM, a specialist decorator merchant carrying tool, fastener, ironmongery and related stock, has been acquired by Grafton.
Grafton, which owns Selco, Buildbase, Woodie's and Gunters en Meuse among others, paid £82.4 million for Leyland SDM, which is "regarded as one of the most recognisable and trusted decorating and DIY brands in Central London selling paint, tools, ironmongery and accessories".
Serving trade professionals and DIY customers, Leyland SDM operates through a unique portfolio of stores which have been built up over the last 30 years during its period of family ownership. Its network of 21 convenience-led and predominantly high street stores, are situated in some of London's most prominent locations including King's Road Chelsea, High Street Kensington, Shaftesbury Avenue, Victoria, Clerkenwell, and Notting Hill. In the last two years, it has further expanded its footprint with four new stores opened in Battersea, Mile End, Clapham High Street and Putney as well as opening a new Distribution Centre at Wembley.
The Leyland SDM "small box" convenience trading format is a proven business model in Central London that complements the Group's larger Selco branches located in Greater London.
Leyland SDM's revenue and underlying EBITA was £47.8 million and £7.3 million respectively for the year ended 31 December 2017. Gross assets are estimated at circa £10 million at completion.
Grafton CEO Gavin Slark said: "The acquisition of Leyland SDM is a unique opportunity to acquire a leading brand with exceptional locations in Central London and expands our presence in a resilient segment of the merchanting market located at the heart of one of the world's leading cities."