Antibacterial additives supplier Addmaster has entered into an agreement to acquire one of its competitors in a £3.5 million deal.
The Stafford company – which was bought by Polygiene in 2021 – has entered into an Asset Purchase Agreement regarding the acquisition of Welsh company SteriTouch, which is part of Radical Materials.
Founded in 2003, Radical Materials has 11 full-time employees, excluding its two founders Nick Corlett and Huw Durban.
It operates a number of product ranges – including SteriTouch, which is on track to a achieve a turnover of £1.39 million and a net sales growth of around 20 per cent in 2021.
The acquisition of the business is a 100 per cent synergy deal where Polygiene will buy brand, formula and customers and incorporate them into Addmaster’s production set-up. All existing employees will also be transferred.
Polygiene says there are 'great synergy opportunities' to increase its market share in antimicrobial products for plastics, coatings and paints.
Ulrika Bjork, CEO of Polgiene, said: "The acquisition of SteriTouch is fully in line with our new growth strategy and the obvious synergies with Biomaster's anti-microbial business, makes this a very welcome addition to the group."
Radical Materials co-founder Nick Corlett said: "We have enjoyed a friendly competitive relationship with the Addmaster team for many years and have always held them in high regard.
"The antimicrobial sector is growing rapidly, and we are delighted for SteriTouch to join the Polygiene group, where we expect it to continue to flourish."