Acquisition of domestic appliance business boosts Oldham firm
Ultimate Products, the UK's largest full service product sourcing and design business, which is based in Oldham, has added another business to a string of recent acquisitions as part of its expansion strategy.
It has announced that Warrington-based Appliance365, with co-owner Guy Weaver, has joined the £80m-turnover company to boost the small appliance division.
Among other goods, the deal will add celebrity-badged cookware from Rosemary Conley and Oz Clarke to Ultimate's existing range for Anthony Worrall Thompson.
Weaver set up Appliance365 with Peter Brazier in May 2009 for £1.3m after the collapse of his previous domestic products business, Premium Appliance Brands. Corporate finance specialist KBC Capital provided £3.5m funding for it to continue designing and making toasters, kettles, slow cookers, mixers and similar items for retailers, such as B&Q and Tesco, as well as built-in kitchen appliances.
Weaver's extensive experience in this field will be seen as complementary to Ultimate Products homewares and small electrical sectors, which are among the 15 categories of goods available for retailers to view at the dynamic company's 20,000 sq ft showroom.
Chief executive of Ultimate Simon Showman said Weaver's proven track record working with major UK retailers and his long career with suppliers in Hong Kong and China would be a great asset to the combined company.
With its world-wide network of suppliers producing more than 6,000 products, both selected by its buyers and designed as bespoke ranges for customers, the combination of variety, keen pricing and suitability of ranges has given Ultimate its pre-eminent position.
Earlier this year, it added fellow Oldham company Japinda Group's luggage and small leather goods division to its portfolio, having bought electronics supplier Intempo Digital at the end of 2009.
Private equity firm LDC has provided commercial funding for Ultimate's declared ambition of continuing acquisitions towards a turnover of £100m. The value of its most recent transactions has not been announced.