Portmeirion Group has acquired Lighthouse Holdings, a U.K. home fragrance manufacturer, in a deal worth over $19.9 million.
Lighthouse owns scented candle, reed diffuser and home fragrances manufacturer Wax Lyrical, which exports to over 40 countries, the company said. The Wax Lyrical and Colony brands are sold in high quality stores, while other ranges are also produced for luxury brands.
In 2015, Lighthouse recorded revenue of $15.8 million, a pre-tax profit of $2.4 million and net assets of $8.7 million, according to Portmeirion.
With the acquisition, Portmeirion said it expects to benefit from a wider product offering and access a larger customer base. Wax Lyrical’s brands and “Made in Britain” pedigree represent a strong strategic fit for Portmeirion Group, the company said. Wax Lyrical will aim to grow sales through Portmeirion’s existing U.K. customers, websites, retail outlets as well as export markets such as the U.S. and South Korea.
Joanne Barber, managing director of Wax Lyrical, will continue to run the business from its existing facilities in the Lake District following the acquisition.
Lawrence Bryan, chief executive of Portmeirion Group, said, “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.”