Kitchen and bathroom products manufacturer Acrysil UK Ltd has acquired the entire shareholding of worksurfaces brand Sylmar Technology for an undisclosed sum.
Acrysil UK is a wholly owned subsidiary of Acrysil Ltd, which is listed on the BSE (Indian Stock Exchange) and is active in over 60 countries, with a significant presence in the UK, USA, Germany, France, China and India.
The company said that it bought Sylmar as part of its key strategic objective to acquire market-leading brands in the kitchen sector. It added that Sylmar’s worksurfaces brands – Minerva, Maia and Metis, would “strategically complement Acrysil’s existing product offering of composite granite, steel sinks and domestic appliances”.
Sylmar’s majority shareholder and managing director Peter Holt has left the business and current deputy MD Julian Annison has been promoted to managing director.
Commenting on the deal, Sylmar MD 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, while maintaining our own core values, will ensure the hard work of the previous ownership will continue further.”
Annison will report directly to Acrysil UK Ltd chief executive Marcus Smyth, but Acrysil said that there is likely to be little change to Sylmar’s day-to-day operations.
Outgoing Sylmar MD Peter Holt added: “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 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.”
Commenting on how the deal would strengthen Acrysil’s position in the kitchen and bathroom sectors, Acrysil UK Ltd chief executive Marcus Smyth 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.”
In 2014, Acrysil successfully acquired Homestyle Products, which imports and markets kitchen sinks for the UK market and deals in faucets and allied products.