Published: 7th January 2016
Building products manufacturer Epwin Group has snapped up Tamworth-based manufacturer Stormking Plastics.
Stormking was founded in 1985 by Gary King and Barry Whitehall, who have recently retired. It employs more than 200 staff and turned over £22.8m in the year to 28 February 2015.
Epwin Group said the deal is part of its strategy to broaden its range of low maintenance building products.
It will pay a total consideration of £27m for the business, made up of £20.25m in cash and 5.3 million Epwin Group shares.
A further £8m will be paid subject to Stormking’s performance in the 12 months to 28 February 2017.
Epwin chief executive Jon Bednall said: “I am delighted to announce the acquisition of Stormking Plastics and extend a warm welcome to the group to the team there.
“Stormking adds further to the group’s range of low maintenance building products as well as the plastics materials technologies that we can draw upon. The acquisition represents a further significant step in the development of the group and is expected to enhance earnings in 2016.”
Mark Stokes, managing director of Stormking Plastics, added: “Joining Epwin Group is excellent news for the future of Stormking Plastics, its employees and customers.
“It will enable us to build on the strong foundations laid over more than 30 years by Gary and Barry and gives us the opportunity to expand our product range as well as develop further routes to market in the future.”
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