Homewares firm which formed Baggies sold in £34m deal
Consumer goods giant Ultimate Products has completed its £34m acquisition of Salter Brands from FKA Brands.
The Greater Manchester-based company raised about £15m to fund the move for West Bromwich-based Salter Brands which dates back to 1760, when Richard Salter, a spring maker, began making the first spring scales in the UK from the village of Bilston in the West Midlands.
Salter has long been the UK market leader for bathroom and kitchen scales, but over time has expanded into other product categories such as kitchenware and health devices.
It serves consumers through e-commerce and traditional retail channels in the UK (including Amazon, eBay, Tesco, ASDA, Sainsbury, LIDL and Argos) and with a growing international presence.
Included in the acquisition is Salter’s range of high precision kitchen scales, timers and thermometers that it has developed in partnership with the renowned British chef Heston Blumenthal.
Simon Showman, CEO of Ultimate Products said: “The Salter name is synonymous with quality and reliability, and millions of households across the UK own a set of their scales or one of their many outstanding kitchenware products.
“Few other brands can boast of such a fantastic history and heritage, which includes playing a key role in the creation of West Bromwich Albion Football Club.
“We are delighted to be adding such an illustrious brand to our portfolio, and are honoured to be taking it into the next chapter of what has been a fascinating story since it began in 1760.
“I would like to thank everyone involved in the transaction for their hard work in delivering such a successful outcome, and our long-term banking partner HSBC UK for their ongoing support.”
The company has also entered into a new additional £10m conditional term loan agreement with HSBC to part finance the initial consideration of £32m.