Plumbing and Heating Investments, a UK company engaged in the distribution of plumbing and heating products, completed the acquisition of Plumbase, the specialist UK plumbing and heating business of Grafton Group, the international builders merchanting and DIY group, for £67m. "The sale of Plumbase to PHIL secures future opportunities for Plumbase, its employees and other stakeholders as part of an enlarged specialist plumbing and heating business. This transaction represents a very positive outcome for Grafton and enables us to continue to focus our capital and resources on attractive growth opportunities that generate appropriate returns for our shareholders." Gavin Slark, Grafton Group CEO.