 "TTK Prestige buys UK's Horwood as it expands global business")
TTK Prestige will get access to over 2,000 table and cookware products and access to key European markets with Horwood, a 120-year old firm that has international brands such as Horwood, Stellar and Judge. Horwood has over 1,000 retailers in its network. The firm did not disclose the cost of the acquisition. Horwood earned revenue of GBP 18 million in 2015.
The transaction enables the TTK Group to use its innovation, design and manufacturing capabilities with international brands to significantly expand its global operations. It will also provide significant access to the high value European markets. "This transaction is the combination of two well respected business houses leveraging mutual strengths to expand global presence in the fast growing home appliances segment," TTK Prestige said in a statement.
"Horwood brands will provide a strong footing for the rapid expansion of TTK's business in the European markets. We will combine the design, manufacturing and marketing capabilities of TTK prestige to expand and grow the Horwood business in the European markets," T T Jagannathan, Executive Chairman, TTK Prestige said in a statement. "TTK intends to have continuity in the management and supplement Horwood with enough investments in product development, channel development and also new market development.TTK has been a high growth company in India and would ideally like to help Horwood also grow aggressively."
On Tuesday, TTK stock rose by 4.38 per cent or Rs 191.05 to Rs 4,550 at 14:17 hours on the Bombay Stock Exchange.
KPMG Corporate Finance acted as the exclusive transaction advisor to TTK Prestige and Temple Bright LLP were the legal advisors. Smith & Williamson Corporate Finance acted as lead advisors to Horwood, with Ashfords LLP acting as legal advisors, the statement said.
