Kitchen appliances maker TTK Prestige Ltd said on Tuesday it will acquire UK-based cookware firm Horwood Homewares Ltd to expand its global operations.
The Bangalore-based company will make the acquisition through its TTK British Holdings Ltd unit. It didn’t disclose financial details of the deal.
“Horwood brands will provide a strong footing for the rapid expansion of TTK’s business in the European markets. We will combine the design, manufacturing and marketing capabilities of TTK Prestige to expand and grow the Horwood business in the European markets,” TT Jagannathan, executive chairman at TTK Prestige, said in a statement.
Horwood is one of the largest table and cookware suppliers in the UK. It supplies about 2,000 table and cookware products across key European markets under brands such as Horwood, Judge, Stellar and Kaffmann.
The company doesn’t have any factory and outsources its requirement to third-party manufacturers. According to the TTK group, Horwood posted revenue of GBP18 million (Rs 170 crore) for 2015.
TTK Prestige, the flagship company of southern India-based TTK group, operates nearly 500 Prestige SmartKitchen stores in India. It has 10 factories, 23 warehouses and presence at about 50,000 retail outlets across India. It also exports to the US, Europe, Southeast Asia, the Middle East, Africa and Australia.
The company is backed by public markets-focused private equity firm Nalanda Capital, which first invested in 2014. It now holds a 3.47 per cent stake in the firm.
TTK Prestige posted revenue of Rs 1,388 crore in 2014-15 compared with Rs 1,293 crore the year before. For the nine months through December 2015, it reported revenue of Rs 1,217.4 crore versus Rs 1,102.08 crore a year earlier while net profit rose to Rs 93.20 crore from Rs 82.56 crore.
Shares of TTK Prestige rose 3.86 per cent to end at Rs 4,527.15 apiece in a Mumbai market that gained 0.5 per cent on Tuesday.