Howden Joinery

Expands proposition with £390m DIY Kitchens acquisition

Howdens had previously never undertaken an acquisition of note, but this is no longer the case with the £390m purchase of DIY Kitchens. While surprising, on first look it appears a smart move. It extends the Howdens offering with an additional route to market; it adds a fast-growing, high margin operation; and the transaction multiples screen well, with the deal expected to be immediately earnings accretive.

• Flor O'Donoghue
• Morning briefing
• Read Important Disclosures