Newbury Investments (UK) Ltd, a specialist distribution group, has agreed to pay £46m cash for Primaflow F&P, before working capital adjustments.
The sale process is expected to complete at the end of January 2020 and the proceeds will be used to reduce Travis Perkins Group net debt.
The sale is in line with Travis Perkins’ December 2018 change in strategy to focus on its trade businesses.
Primaflow F&P is a national wholesale distributor of branded plumbing and heating systems and has been part of the Travis Perkins Group since 2010. For the year ended 31st December 2018, attributable profits after adjusting items were £5m. Gross assets amounted to £102m as at 30th June 2019.
Travis Perkins said that the sale of the wholesale business would enable its remaining plumbing & heating businesses to focus on direct trade customers.
Chief executive Nick Roberts said: "The divestment of our wholesale plumbing & heating business is a further step in reducing the group's overall complexity and enabling greater focus and more disciplined capital allocation to our advantaged trade-focused businesses."
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