Blackstone acquires CRH Europe Distribution
CRH Europe Distribution has been taken over by the Blackstone investment company. CRH ED has its headquarters in the Netherlands and is seen as the third largest DIY materials trading group in Europe with activities in the Netherlands, Germany, Switzerland, Austria, Belgium and France. The acquisition price is reported to be EUR 1.64 bn, annual sales EUR 3.7 bn. The cartel authorities still have to agree to the transaction. CRH ED is also active in the DIY store business through the fully owned German subsidiary Bauking, because Bauking is a partner of the German cooperative Hagebau and, in addition to around 80 locations in the building materials and wood trade, also operates around 50 DIY stores under the Hagebaumarkt brand. The Austrian building materials supplier and Hagebau partner Quester is also a fully owned CRH subsidiary. Among CRH's activities in the building materials trade are also the fields of plumbing and heating. Blackstone's headquarters are in New York. The takeover of CRH ED was reported by the London office.