Texas-based private equity firm Lone Star Funds has acquired Nordic building materials supplier Stark Group in a deal valued at €1.03bn.
The business is currently owned by Ferguson, the FTSE 100 plumbing and heating components supplier. Ferguson was formerly known as Wolseley but changed its name to that of its US arm earlier this year, signalling its intention to focus on its North American activities following a strategic review.
Ferguson decided to sell Stark in April as part of this process, according to a statement from Stark.
The group comprises Stark-branded businesses in Denmark and Finland, Beijer Byggmaterial in Sweden, and Neumann Bygg in Norway. For the year to July Stark reported revenues of €2.15bn and ongoing trading profit of €65m.
Lone Star acquired German building materials manufacturer Xella in December, which bolted on Ursa, a Spanish operator, in August.