Merlyn bought by Norcros in €68m deal
Shower enclosures company Merlyn Industries, has been sold to UK-based Norcros for £60m (€68m).
The Kilkenny-based firm, has been acquired on a debt-free, cash-free basis, subject to certain adjustments, from its shareholders the Hoyne family and Dublin-based investment firm Broadlake. Established in 2000, the company employs 58 staff at its Kilkenny HQ, as well as a 16-person sales team in the UK, and nine people in Asia.
In its most recent financial year, which ended on March 31, 2017, Merlyn had revenues of £30.7m (€34.5m), while its net profit was £5m (€5.6m).
In 2015, Broadlake acquired a 30pc stake in the company, and has helped support the continued expansion of the business. Approximately 85pc of the company's products are sold in the UK and mainland Europe.
Merlyn will continue to be run by its existing management team led by CEO Charlie Soden, and it will further develop its Kilkenny operations, focusing on the significant opportunities to grow the current business.
"We are excited about this opportunity to deliver on our ambitious growth plans," said Mr Soden. "This acquisition will give us access to more customer channels and I believe that Norcros is the very best partner for Merlyn. It's business as usual for our staff, customers and suppliers."
Norcros is a group of market-leading businesses supplying branded bathroom and kitchen products, with operations in the UK and South Africa. Its portfolio of well-known brands includes Triton, VADO, and Croydex.