Portmeirion Group has acquired Lighthouse Holdings, one of the U.K.’s largest home fragrances manufacturers, in a deal worth more than $19.9 million.
Lighthouse owns scented candle, reed diffuser and home fragrances manufacturer Wax Lyrical which exports to more than 40 countries worldwide. The Lake District-based company is parent company to the Wax Lyrical and Colony brands.
In the year to December, 31 2015, Lighthouse recorded revenues of $15.8 million, a pre-tax profit of $2.4 million and net assets of $8.7 million.
Wax Lyrical’s high quality brands and “Made in Britain” pedigree make for a strategic fit for Portmeirion Group. “We are proud to acquire a group that delivers world class Made in Britain home fragrances. Together with our existing strong brands of Portmeirion, Spode, Royal Worcester and Pimpernel, Wax Lyrical will drive our business forward and offer significant opportunities for growth,” said Lawrence Bryan, chief executive of Portmeirion Group.
The companies are expecting to grow their sales through Portmeirion’s existing U.K. customers, websites, retail outlets, as well as export markets such as the U.S. and South Korea.
“This strategic acquisition by Portmeirion Group is an ideal fit for our products, sales channels and people,” added Dick Steele, non-executive chairman of Portmeirion Group.
