Builders merchant Travis Perkins has added five new sites to its business after buying Passmore Drywall & Insulation for £13.4 million in cash funded from its existing resources.

Builders merchant Travis Perkins has added five new sites to its business after buying Passmore Drywall & Insulation for £13.4 million in cash funded from its existing resources.

Passmore, which sells drylining and insulation products, strengthens Travis’ Commercial Ceiling Factors division by increasing its number of outlets to 30 as well as expanding its presence in the South East.

Geoff Cooper, chief executive of Travis, says this deal enhances the group’s operations in the specialist distribution sector and is part of a strategy to grow its business through acqusition. Following the completion of the deal, Passmore’s management joins the enlarged group.

Travis’ Commercial Ceiling Factors business supplies drylining, insulation, ceilings and partitions to external customers as well as to its own merchant branches.

Last year Travis Perkins added 39 sites to its network and three Wickes stores, taking its number of outlets to more than 1,000.

Passmore operates from branches in East London, Basildon, Cannock, Christchurch and West London. In 2005 it reported a £19.6 million turnover, producing an operating profit of £1 million.