Acrysil to acquire UK's Tickford Orange Ltd for 11 million pounds

Acrysil Ltd, a manufacturer of composite quartz kitchen sinks, on Friday said it will fully acquire UK's Tickford Orange Ltd (TOL), a producer of solid surface products for kitchens and bathrooms, for 11 million pounds (nearly Rs 110 crore).

The acquisition will be through the company's wholly owned subsidiary Acrysil UK Ltd.

In a statement, the company said "its wholly owned subsidiary Acrysil UK Ltd has agreed to acquire 100 per cent shares of Tickford Orange Limited, UK along with its wholly owned operating subsidiary Sylmar Technology Ltd (STL)."

"Acrysil UK will acquire 100 per cent equity shares for a total consideration of 11 million. The acquisition will be funded through a mix of debt and internal accruals," the company said, adding the move is in line with its strategy to establish itself as a dominant player in the global kitchen and bathroom segment.

Acrysil Ltd Chairman and Managing Director Chirag Parekh said, "This acquisition will now allow us to further strengthen our presence and market share in the UK market and gain access to a loyal customer base thus providing potential new sales channels and cross-selling opportunities."

He further said, "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 recall and market share. This acquisition will catapult us into a new orbit of growth."

This will help Acrysil build upon its offerings within the kitchen segment and provide access to the bathroom segment, Parekh said.

STL is a manufacturer, distributor and customiser of high-quality solid surface products for kitchen and bathroom, for both domestic and commercial purposes for markets across the UK. It has three key brands Maia, Minerva and Metis. It had a turnover of 11 million pounds in 2020 and 12 million pounds in 2021.