A LONG-established Co Down homeware business has acquired a Manchester firm in a £15 million deal.
Holywood-headquartered Ulster Weavers, which designs, sources, manufactures and sells homeware, kitchenware and giftware, has purchased J Rosenthal & Son after securing a funding package from HSBC UK.
The acquisition of J Rosenthal & Son, which designs and sells bedding and curtains, will enable Ulster Weavers to enter a new market for the first time and boost its UK profile.
The deal also provides new export opportunities to markets which Ulster Weavers already operates, including the United States.
Ulster Weavers CEO, Kenneth Webb said the time was right to grow the business.
“We’ve been hoping to expand our offering to include a bedding and curtains business for some time now, so when the acquisition of J Rosenthal & Son became an option we knew it was the right time to expand into the new market."
“Ulster Weavers and J Rosenthal & Son are very alike in what we do, but we aren’t blending the two businesses together. Both are very established in their areas and we’re looking forward to continuing to work out of Manchester with the existing team at J Rosenthal & Son," he said.
Marty Colvin, relationship director at HSBC UK added:
“Ulster Weavers has always had a clear strategy for growth and we are very pleased to support this natural next step for the business. The acquisition will significantly benefit the expansion and development of the now enlarged business, offering new growth opportunities domestically and internationally.”
The finance provided to Ulster Weavers was allocated from HSBC UK’s national SME Fund, which aims to actively support UK SMEs. The £12bn fund announced by HSBC UK has £150m committed to supporting SMEs in the Northern Ireland.
Founded in 1880, Ulster Weavers remains a family business, but now has a worldwide reach. In addition to its UK headquarters in St Helen's Business Park, Holywood, the company has a US base in the state of New York.
