Kingfisher, the retail group that owns DIY product chains B&Q and Screwfix, has agreed to purchase France-based home improvement services marketplace NeedHelp for close to €10m ($12m).
The deal will involve Kingfisher acquiring 80% of the company. NeedHelp founder Guillaume de Kergariou has reinvested some of the proceeds of the sale into buying back a 20% share.
Founded in 2014, NeedHelp provides an online portal that connects customers with professional tradespeople who provide home improvement services. It operates in France, Switzerland, Germany, Belgium, Austria and Netherlands.
Needhelp will operate as a separate business but will support B&Q’s home improvement customers and will work with Screwfix’s trade professional customer base.
The company raised $1.6m in a 2017 round backed by Maif Avenir, the corporate venture capital arm of insurance firm Maif, and Switzerland-based holding company Maus Frères.
Kingfisher CEO Thierry Garnier said: “Looking ahead, we will develop NeedHelp quickly in the UK and Poland by leveraging our extensive store network and our differentiated banners that serve both home improvers and tradespeople.
“This represents an exciting opportunity to create a more complete services offer and to help make better homes accessible for everyone.”