Carysil Ltd. through its WOS Carysil UK Ltd. announces the acquisition of majority shares in 'The Tap Factory Ltd.' based in Yorkshire, UK

'Carysil ltd.' One of the leading global market leader in the design, manufacture and supply of kitchen and bathroom products has announced that its wholly-owned subsidiary 'Carysil UK ltd.' has agreed to acquire 70% of the equity share of 'The Tap Factory ltd.' (TTFL) based in Yorkshire, UK. The business of the acquired company is to design and source kitchen and bathroom products, especially modern hot water boiling taps. During the past few years, the 'TTFL' began selling OEM bathroom equipment to the distribution market and has transitioned into more kitchen products, including instant boiling water taps. TTFL had a turnover of £ 1.55mn last year (Nov'21 - Oct'22).

Carysil UK ltd. will acquire equity shares of TTFL, priced of £ 1.16 mn (i.e., 70% of the Total Enterprise Value of £ 1.65 mn) and the Company has an option to buy the balance of 30% in 2 tranches of 15% each at an Enterprise value based on 6 times multiple of EBITDA of next two years. Company will fund this acquisition from the internal accruals.

Commentating on the above acquisition, Mr Chirag Parekh, Chairman & Managing Director, Carysil Limited said " I am delighted to inform you all that after successful acquisition of Homestyle Products (now known as Carysil products Ltd) in 2014 and Sylmar Technology Ltd (now known as Carysil Surfaces Ltd) in 2022, this deal marks Carysil's third UK acquisition. The TTFL products and customers strategically complement Carysil's existing product portfolio. The acquisition also fulfils company's strategic objective of having market leading brands in kitchen segments, and also sees the company broaden its portfolio in the UK. We at Carysil see this as strengthening our position within the kitchen and bathroom brassware sectors throughout UK and also caters to our global networks. With this acquisition, we at Carysil are very excited of the future ahead and we are on right path to achieve our stated objectives."

Shares of Carysil Limited was last trading in BSE at Rs. 553.80 as compared to the previous close of Rs. 543.40. The total number of shares traded during the day was 4084 in over 402 trades.

The stock hit an intraday high of Rs. 562.80 and intraday low of 548.00. The net turnover during the day was Rs. 2259430.00.

Source : Equity Bulls

Keywords

Carysil INE482D01024 CarysilUK Acquisition TheTapFactory Yorkshire