Indian manufacturer splashes out £11m on bathroom and kitchen specialist

Sylmar Technology manufactures kitchen and bathroom surfaces

Global manufacturer Acrysil has bought Derbyshire bathroom and kitchen worktop maker Sylmar Technology in an £11m deal as it eyes further growth.

Sylmar has a one-third share of the UK’s solid surface market and supplies major retailers including Selco, Homebase and Magnet. Before the pandemic it generated annual sales of £14m, and still achieved a profitable £12m turnover in 2021.

The deal sees the exit of Sylmar’s majority shareholder and managing director Peter Holt. He has been replaced by current deputy managing director, Julian Annison.

Holt, who has owned Sylmar for eight years, said “the business could not be in better hands”.

He added: “The synergies and strategies of both companies are perfectly aligned, the acquisition is great news for the company, staff and more importantly our partners.”

Acrysil operates in more than 60 countries, manufacturing and supplying kitchen and bathroom products, and is listed on the Indian stock exchange.

Acrysil entered the UK market in 2014, when it bought kitchen sink distribution company Homestyle Products which gave it its UK headquarters in Congleton, Cheshire.

It has a long-standing association with Sylmar and its purchase of the Alfreton-based company is part of its strategy to acquire market-leading brands in the kitchen sector.

Marcus Smyth, chief executive of Acrysil UK, said: “Fantastic opportunities like this do not come around every day, adding Sylmar to the Acrysil Group portfolio will strengthen our position in both the kitchen and bathroom sectors and add further opportunities both here in the UK and globally.”

Legal advice was provided to Acrysil by Jack Letson of CMS Cameron McKenna Nabarro Olswang, while Squire Patton Boggs’ Paul Mann advised Peter Holt and Julian Annison.

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