3rd December 2014
Yorkshire advisers act on cross border deal with Indian buyer
Two leading Yorkshire advisory firms, Dow Schofield Watts Corporate Finance Limited (“DSW”) and Squire Patton Boggs have successfully completed the international trade sale of Homestyle Products Limited (“Homestyle Products”) to Acrysil UK Limited, a newly formed UK subsidiary of Acrysil Limited (“Acrysil”), an Indian company listed on the Bombay Stock Exchange.
Homestyle Products is a supplier of high quality stainless steel sinks, taps and accessories to a wide range of distributors and national retailers in the UK and Europe. Homestyle Products has a strong UK presence and it was introduced by DSW to a select number of strategic international buyers with clear synergies, a compelling commercial fit and appetite to break into the UK market.
Acrysil, based in India, is a leading kitchen sink manufacturing and trading company. This acquisition will mark the entry of Acrysil into the premium UK market for kitchen sinks and accessories. Acrysil presently exports its products to more than 35 countries worldwide including USA, France, Germany, Russia and countries in the Far East and Middle East. Acrysil owns the “CARYSIL” brand which is well established in the Indian and several overseas markets.
Roger Esler and Victoria Gribben of DSW and Paul Mann and Craig Pettit of Squire Patton Boggs acted as lead financial advisers and legal advisers, respectively, to the shareholders of Homestyle Products.
Victoria Gribben of DSW commented: “We are delighted to have assisted Homestyle Products in finding an international buyer that sees the value the company represents as an entry point to the UK and European markets. We wish the continuing Management well under the new Indian ownership and believe it will thrive following this strategic investment.”
Corporate partner at Squire Patton Boggs, Paul Mann, added: “We have been advising Homestyle Products for a number of years following an introduction from an existing client and have witnessed its growth first hand. We wish the Management and Acrysil the very best in the next phase of the company’s development.”