Leading European building materials distributor increases HVAC positioning in the Iberian sector with second acquisition
Deal Flash
Grafton Group plc has acquired Componentes Eléctricos Mercaluz S.A., strengthening its position in the heating, ventilation and air conditioning (HVAC) sector in the Iberian Peninsula.
The transaction represents a further step in Grafton’s consolidation and expansion strategy in the region, following the acquisition of Salvador Escoda in October 2024. Grafton intends to support Mercaluz in its brand development and ongoing organic expansion in the fragmented Iberian marketplace.
Based in Ireland, Grafton is an international distributor of building materials and construction-related products and solutions, and is listed on the London Stock Exchange.
Mercaluz is a family-owned distributor specializing in domestic and commercial air conditioning equipment for professional small and medium-sized installers. It also provides household appliances for wholesalers, resellers and developers, primarily through its fast-growing proprietary brand, Johnson, for which the company owns the European rights. Founded in 1986 and headquartered in Orihuela, Alicante, Mercaluz operates a direct-to-site delivery model supported by regional delivery hubs to efficiently serve its customer base.
This was Grafton’s second acquisition in Spain where we worked closely with Oaklins Socios. As with our first transaction, we could rely on the Oaklins team, led by Laura Satrustegui, to manage the relationship with great care, balancing our interests as a client while ensuring the sellers’ perspective was clearly understood and respected. The team took the time to fully understand our priorities, and worked tirelessly with a consistently positive and solutions- oriented attitude. Combined with Oaklins’ deep understanding of the Spanish market and a strong command of the intricacies of M&A processes, the result was a highly collaborative and ultimately enjoyable transaction, where both buyer and seller were delighted with the outcome.STEPHEN HUNTER, CORPORATE DEVELOPMENT DIRECTOR, GRAFTON GROUP PLC, IRELAND
Oaklins' involvement was critical to making this deal happen
Oaklins’ team in Spain acted as the buy-side advisor to Grafton in the acquisition of Mercaluz, highlighting Oaklins’ skill in cross-border transactions and its expertise across diverse sectors.
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