One of CBPE's longest-standing investmnets Hamilton Acorn, the leading supplier of paintbrushes to the UK professional market, has been sold to ANZA of Sweden for an undisclosed sum.
This move creates the largest manufacturing group for paint applicators and decorating tools for the professional market in Europe.
Hamilton Acorn was the subject of a Management Buy-Out in 1996 by three of its directors and CBPE. Since that time the company has grown sales, market share and profits and has earned numerous accolades. It received a prestigious Best Factory Award from Management Today and Cranfield University, in October 2000.
ANZA is the leading manufacturer and distributor of painting tools in Scandinavia. It owns Spekter of Denmark and has production facilities concentrated in Sweden and Denmark. ANZA is a wholly owned subsidiary of the Norwegian group Jordan A/S which had a turnover in 1999 of £80 million.
Neil Murphy of CBPE, who has been on the Board of Hamilton Acorn as Non-Executive Director since 1996, commented:
"Hamilton Acorn is another successful realisation from our 1994 Fund and we are delighted that it has been acquired by ANZA. Since the Management Buy-Out, the Management Team have developed a well positioned business and highly efficient manufacturing operation."
Dennis Marrison, Managing Director of Hamilton Acorn commented; "We are absolutely delighted to announce this deal. ANZA's intention is to secure a leading position as a manufacturer of painting tools in the currently fragmented European market and this acquisition is the first in a series planned by the group."
Mats Bjelksjö, Managing Director of ANZA said; "The Hamilton Acorn Management Team is very committed to the business. As part of a larger Group, future opportunities for the company and its employees are tremendous. Very importantly, the Group's commitment to supporting its customers remains our highest priority".
Hamilton acorn was advised by KPMG Corporate Finance and Mills & Reeve.
Close Brothers Private Equity Limited is regulated by IMRO.
