Acrysil Ltd, a quartz and stainless steel kitchen sink manufacturing and trading company, has acquired an additional 13% equity stake in Homestyle Products Ltd through its wholly-owned subsidiary Acrysil UK, as per a stock market disclosure.
Following the latest stake acquisition, the total holding of Acrysil in UK-based kitchen sink distribution firm Homestyle Products has risen to 87%. Financial details of the transaction, however, have not been disclosed.
Acrysil now has the rights to acquire the remaining 13% stake in Homestyle Products over three years from the date of first acquisition.
In December 2014, Acrysil and its UK arm Acrysil UK had agreed to acquire 74 per cent stake in Homestyle Products for Rs 20.50 crore ($3.3 million).
As per the definitive agreement signed by the two companies, Acrysil had agreed to acquire 100% share capital of Homestyle for an enterprise value of Rs 27.3 crore on a debt- and cash-free basis on completion of the transaction.
Homestyle Products imports and markets kitchen sinks mainly in the UK market. It also deals in faucets and allied products.
Founded by Ashwin M Parekh in the late 80s, Acrysil deals in kitchen built-in appliances and faucets apart from kitchen sinks, including composite quartz granite sinks and stainless steel sinks. The firm owns the CARYSIL brand.
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