Manufacturer to paint the town red after being bought for £55m

HISTORIC paint brush manufacturer LG Harris has been bought by a £3bn-turnover Norwegian group for £55m.

Orkla has bought the Bromsgrove-headquartered company, which was founded in 1928 and remained in the hands of the family and its staff. The deal will need to be approved by the UK competition authorities.

Harris is a recognisable name in the DIY market, with brands such as Harris, Lynwood, Harris Victory and T-Class. The majority of the company’s sales are made in the UK market, but there is also significant export business.

Bjørn Drabløs, chief executive of Orkla House Care, said: “With well-established brands and solid customer relations, Harris holds a leading market position in the UK. Orkla House Care and Harris are a very good fit.

“With the acquisition of Harris, Orkla House Care is significantly strengthening its presence in the UK and expanding its portfolio in the DIY market.”

Orkla House Care owns the Jordan, Anza, Spekter and Hamilton brands and is a leading supplier of painting tools in the Nordic region.

The transaction was led by James Grenfell and Gary Ecob at Birmingham-based corporate finance advisers Orbis Partners with legal support from Simon Gill at Gateley.

Harris employs nearly 1,000 people at its two factories, in Stoke Prior and Zhaoqing City, China. It also owns 50% of a Indian joint venture and has a minority shareholding in a painting tool manufacturer in Sri Lanka.

LG Harris’s unpublished accounts for the year to March 2016 show revenues of £60.9m, generating earnings before interest, tax, depreciation and amortisation (EBITDA) of £5.7m.

Click here to sign up to receive our new South West business news...
Close