At what enterprise value was MERCALUZ acquired in 2026?

During the acquisition of MERCALUZ by GRAFTON GROUP in 2026, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Business Services industry currently tracks an average EBITDA multiple of 11.3x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of MERCALUZ when it was acquired by GRAFTON GROUP?

The exact EV/EBITDA multiple for MERCALUZ is available on mynth capital. For comparison, the Business Services sector currently shows an average EBITDA multiple of 11.3x. Join our community for free to access full valuation data and industry trends.

When was MERCALUZ acquired by GRAFTON GROUP?

MERCALUZ was acquired by GRAFTON GROUP in 2026.

What was the revenue of MERCALUZ at the time of the deal?

The revenue of MERCALUZ at the time of the deal is estimated to be in the range of 100M - 200M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the MERCALUZ acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the MERCALUZ deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.graftonplc.com/media-centre/our-stories/2026/grafton-mercaluz

← DATABASE

Home Database Business ServicesMERCALUZ

03/2026

MERCALUZ

Acquired by

GRAFTON GROUP

SPAIN Industrial Services / Industrial & Technical Distribution EV 100M - 350M EUR

MERCALUZ acquired by GRAFTON GROUP

SPAIN Industrial Services / Industrial & Technical Distribution EV 100M - 350M EUR

Context

Grafton Group PLC has agreed to acquire the entire share capital of the Spanish Mercaluz Group. This transaction follows Grafton's recent entry into the region via the acquisition of Salvador Escoda, effectively creating an Iberian HVAC powerhouse with combined annualized sales of c. €400 million. The strategic rationale for the deal is the integration of a high-growth, high-margin distributor that utilizes a hub-based delivery model, offering distinct operational synergies with Grafton's traditional branch-based networks. By securing the European rights to the "Johnson" brand through this acquisition, Grafton gains a proprietary product edge in the fast-growing climate control segment. The deal is timed to capitalize on Spain's position as one of Europe's top-performing economies, with the construction sector forecast to grow by 3% to 4% in 2026. The partnership is designed to maintain the existing management team and its 330 employees, ensuring continuity while providing the financial backing of a multinational group to accelerate organic expansion across the Iberian Peninsula and beyond.

MERCALUZ, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (11.3x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Mercaluz is a family-owned Spanish distributor specializing in domestic and commercial air conditioning and HVAC (Heating, Ventilation, and Air Conditioning) equipment. The group operates a highly efficient "direct-to-site" delivery model, utilizing regional hubs rather than a traditional branch network to serve approximately 10,500 professional SME installers. A key value driver is its ownership of the European rights to the "Johnson" brand, which accounted for nearly 75% of its sales in 2025. The company maintains a focused inventory of c.9,000 SKUs, catering primarily to mechanical engineer installers and developers. Strategically, Mercaluz leverages its strong reputation in the Iberian Peninsula to provide scalable, tech-enabled climate control solutions, benefiting from the rapid growth of energy-efficient building requirements in the Spanish construction market.

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REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MERCALUZ by GRAFTON GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).