Cheshire kitchen and bathroom products firm completes £11m acquisition
Acrysil UK, the Congleton-based kitchen and bathroom products maker, has bought Sylmar Technology, for £11m.
The Cheshire business is a wholly owned subsidiary of Acrysil Ltd, which is listed on the BSE (Indian Stock Exchange).
The deal marks Acrysil’s second UK acquisition, after completing the successful acquisition of Homestyle Products in 2014.
As part of the transaction, Sylmar majority shareholder and managing director, Peter J R Holt, has left the business and the current deputy managing director, Julian Annison, has been promoted to managing director.
Mr Holt commented: “Having led and had sole control of Sylmar Technology since 2014 the business could not be in better hands through Julian Annison and under the steerage and direction of Acrysil UK Ltd who we have had an association with for a many years, the synergies and strategies of both companies are perfectly aligned, the acquisition is great news for the company, staff and more importantly our partners.
“The industry, I am sure, will watch with interest as the company develops and grows under the new ownership.”
Julian Annison said: “This is great news for everyone involved with Sylmar, we are very excited for the future, the business has consistently grown year on year, we have an enviable list of partners and the best solid surface worktop offer in the sector.
“Becoming part of the Acrysil Group, whilst maintaining our own core values, will ensure the hard work of the previous ownership will continue further.”
Acrysil is active in more than 60 countries, with a significant presence in the UK, USA, Germany, France, China, and India.
It targeted the acquisition of Sylmar, based in Alfreton, Derbyshire, as part of its plans to acquire market leading brands in the kitchen sector. Sylmar’s worksurface brands – minerva, maia and metis – complement Acrysil’s existing product offering of composite granite, steel sinks and domestic appliances.
Julian Annison will report directly to Acrysil UK CEO, Marcus Smyth, who 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.
“The synergies and goals of both companies were perfectly aligned even before the acquisition – some would say seamlessly. Peter has left the business in safe, secure hands with the incumbent team he leaves behind and with the security and opportunities we can add by taking the company into the Acrysil group.”
Jack Letson of CMS Cameron McKenna Nabarro Olswang acted as legal adviser to Acrysil and Paul Mann of Squire Patton Boggs (UK) acted as legal adviser to Peter Holt and Julian Annison.
