A prominent British household goods manufacturer has confirmed that it will be undertaking a complex cross-border acquisition in a bid to expand its service offering into Scandinavia.
According to reports, Manchester-based McBride, which specialises in the likes of household and personal care goods, has agreed to acquire Danish laundry product manufacturer Danlind for a sum of £10.8 million.
The move comes as part of an ongoing expansion drive, with McBride hoping to extend its “significant range of retail” products to new customers in overseas markets.
McBride has said that the Danlind deal will help the newly-merged entity to realise significant commercial, technical and operational improvement synergies. The firm believes that its expansion drive into the Nordic region will enable it to take advantage of an already “well-established” customer base comprising of keen buyers of Danlind’s “high quality product range.”
Danlind, which currently operates three manufacturing sites in Scandinavia and employs around 250 people, is a successful company in its home market, having enjoyed revenues of £58.4 million in the last financial year.
For the upcoming deal to reach completion, consideration of £10.8 million will be payable to the shareholder of Danlind, Lind Holdings ApS.
Furthermore, approximately £28 million of net debt in the Danish company will be assumed by McBride upon completion.
It is expected that the deal will complete before the end of October this year.
Rik De Vos, Chief Executive of McBride, said: “With this acquisition, the combined resources and knowledge of the two companies will provide McBride with accelerated growth in several key categories and geographies and enable us to access new customers.
“The excellent operational and cultural fit between both companies gives the board confidence that the integration of Danlind will be executed efficiently.”
Latest posts by ELS Law (see all)
- Hampstead homeowners sue property developers for £3 million delay – June 15, 2018
- Little sign of slowdown in commercial property market ahead of Brexit – June 11, 2018
- Law firm takes second swing at Wilkins Kennedy – May 21, 2018