Acrysil to acquire Tickford Orange and Sylmar Technology in UK
Acrysil Limited, a manufacturer of composite quartz kitchen sinks, said that its fully-owned subsidiary Acrysil UK Limited has agreed to acquire Tickford Orange Limited (TOL), UK along with its 100% owned operating subsidiary Sylmar Technology Limited (STL).
The consideration for the acquisition is £11 million.
Sylmar Technology manufactures, distributes, and customizes solid surface products for kitchen and bathroom, for domestic and commercial purposes for markets in the UK.
It has three main brands, which include Maia, Minerva, and Metis.
The manufacturing and distribution facility of Sylmar Technology is located centrally in Alfreton, Derbyshire, UK. The company earns 80% of its revenue from selling kitchen products and the remaining revenue from bathroom and marine related products.
Chirag Parekh — Acrysil Limited Chairman and Managing Director said: “This acquisition will now allow us to further strengthen our presence and market share in UK market and gain access to a loyal customer base thus providing potential new sales channels and cross-selling opportunities. This will help us build upon our offerings within the kitchen segment and provide access to the bathroom segment.
“STL has an outstanding reputation in the market and has been sourcing and manufacturing solid surface products for 35 years. The acquisition was a natural fit for us, as STL is a highly innovative company, focused on continuous R&D to create new products and to fill existing gaps in the marketplace thereby enjoying a strong brand re-call and market share.”