mynth
← DATABASE
03/2026100%

Mercaluz acquired by Grafton Group

SPAIN Industrial Services / Industrial & Technical Distribution EV €100–350M

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 [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only].

-> Deep-dive in Business Services market trends

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.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

5x–12x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€100–200M
[members only]
€10–30M
2024
€100–200M
[members only]
€10–30M

Other operations with Grafton Group

Other operations with Grafton Group
DateAcquirerTargetCountrySector
07/2021GRAFTON GROUPIKHFINLANDIndustrial & Technical Distribution

Similar deals in Industrial Services

Similar deals in Industrial Services
DateAcquirerTargetCountrySector
04/2026KILOUTOUKDM HIREIRELANDEquipment Rental
04/2026MONTYON CAPITALTRIGOFRANCETIC (Testing, Inspection, Certification)
03/2026CHEQUERSGROUPE ASERTIFRANCEIndustrial Services
03/2026CERTANIAICA GROUPUNITED KINGDOMTIC (Testing, Inspection, Certification)
03/2026SIDARAJOHN WOOD GROUPUNITED KINGDOMEngineering & Consulting
03/2026STUDSVIKKÄRNFULLSWEDENEngineering & Consulting
02/2026PENINSULA CAPITALEUROPEAN QUALITY ASSURANCESPAINTIC (Testing, Inspection, Certification)
02/2026PHENNA GROUPSIGMA TREITALYTIC (Testing, Inspection, Certification)
02/2026MÉRIEUX NUTRISCIENCESZINIABRAZILTIC (Testing, Inspection, Certification)
02/2026APPLUS+ GROUPAPEM GROUPUNITED KINGDOMElectrical Equipment

REFERENCES

Valuation range: EV €100–350M

Revenue range: €100–200M

EV/Revenue range: 1x - 3x

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Grafton Group’s acquisition of 100% of Mercaluz, a Spanish company specialised in Industrial & Technical Distribution, in 2026.

How was the acquisition of Mercaluz by Grafton Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What was Mercaluz’s revenue at the time of the deal?

At the time of the transaction, Mercaluz’s annual revenue was estimated within the €100–200M range (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.