UP Global Sourcing Holdings PLC - developer of a series of brands focused on home - Completes acquisition of Salter Brands from FKA Brands Ltd for GBP34 million. The deal consists of an upfront cash payment of GBP32.0 million and a further deferred GBP2.0 million payment, payable in four tranches over 24 months.
Salter claims to be the UK's oldest housewares brand, specialising in bathroom and kitchen scales, kitchenware and health devices.
"The Salter name is synonymous with quality and reliability, and millions of households across the UK own a set of their scales or one of their many outstanding kitchenware products," comments Chief Executive Simon Showman.
"We are delighted to be adding such an illustrious brand to our portfolio, and are honoured to be taking it into the next chapter."
To part finance the acquisition, UP Global raises GBP15.0 million in an equity fundraising and also enters into a new additional GBP10.0 million conditional term loan agreement with HSBC Bank PLC.
Current stock price: 203.40p
Year-to-date change: up 69%
By Will Paige; willpaige@alliancenews.com
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