£55m deal completes as Norwegian firm takes over famous name
THE £55m purchase of paint brush manufacturer LG Harris has been completed, after clearing the final competition hurdle.
The Bromsgrove-headquartered company, which was founded in 1928 and had always remained in the hands of the family and its staff.
It is now part of the £3bn-turnover Norwegian group Orkla after the deal completed this week.
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.
Johs Høeg, chief executive of Orkla House Care, said: “Orkla House Care and Harris are a good fit. With well-established brands and solid customer relations, Harris holds a leading position in the DIY market, while Orkla House Care is strong in the professional market in the UK. With a stronger foothold in the UK, the companies are well positioned for further growth.”
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.
James Grenfell of corporate finance advisers Orbis Partners said: “We have worked with the management and shareholders of LG Harris for the last three years and are pleased to have finally completed this advised-in-Birmingham deal.”
