Bathroom equipment maker Broadlake-backed Merlyn Showering seeks buyer
The Kilkenny-based bathroom equipment maker Merlyn Showering has courted potential buyers in recent months.
The Sunday Independent understands that a purchase could value the company, which does most of its business in the UK, in excess of €50m.
The business had operating profits of some £4.4m (€4.9m) in the year ending March 31, 2016, on turnover of almost £26m, according to its most recently filed accounts.
"The year-end financial situation was as expected and the directors view the coming year with confidence," the accounts state.
One of its key backers is SME investment business Broadlake, which took a minority stake in the business in 2015.
Broadlake chief executive Pete Smyth previously said Merlyn was "a great example of a dynamic entrepreneurial Irish business with an international footprint that supplies world class products to a range of blue chip customers". Merlyn founder Michael Hoyne said the Broadlake deal was "an amazing opportunity for Merlyn to grow even further".
Merlyn did not respond to a request for comment. Broadlake, which has stakes in tanning business Vita Liberata among others, declined to comment.
Sunday Indo Business