£18m deal keeps Portmeirion smelling sweet in the homeware market
British tableware maker, Portmeirion Group has expanded its businesses following the acquisition of Wax Lyrical Ltd in a deal worth almost £18m.
Knights acting on behalf of the Staffordshire-based tableware maker to secure the commercial deal with Lighthouse Holdings Ltd, one of the largest home fragrance makers in the UK.
Moria MacModland from Portmeirion said: “We were impressed not only by the technical ability but also excellent project management of Lisa Bridgwood and the team at Knights to achieve the tight timescales that this exciting acquisition demanded”.
Lisa Bridgwood, partner at Knights said: “We were delighted to work on behalf of Portmeirion Group to help it significantly grow its business and enhance its ‘made in Britain’ ethos to a wider customer base.”
Lighthouse Holdings Ltd operates Wax Lyrical Ltd, a Lake District-based manufacturer of scented candles and reed diffusers which are sold in more than 40 countries across the world.
In the year to 31 December 2015, the company turned over £13.8m with pre-tax profits of £2.1m.
Portmeirion paid a cash consideration of £17.5m for Lighthouse. Wax Lyrical, will continue to run the business from its existing facilities in the Lake District.