Wolseley continues spending spree as value of acquisitions since August reaches £418m.

Building materials supplier Wolseley has acquired two US companies for a total of £7m.

Wolseley has acquired electrical appliance dealer LAB Distributing and materials distributor Canyon Drive Lumber. LAB had sales of £1.4m last year; Canyon had sales of £17.9m.

Charlie Banks, group chief executive of Wolseley said: “I am delighted to announce these two new acquisitions which will further strengthen our presence in North America. They support our strategy of growing the business at double-digit rates through acquisitions and organic growth.”

The deals bring Wolseley’s total acquisition spend up to £418m since the start of August.