Hull-based Summerbridge Holdings has been bought out by heating and bathroom specialist Kartell 海角视频 Ltd as it expands its 海角视频 manufacturing presence - and eyes freeport opportunities.
The business, also known as Humber Doors, employs more than 120 people at a sprawling site in Anlaby.
It is one of the 海角视频’s leading trade-focused producers of kitchen and bathroom cabinets and doors, having expanded significantly six years ago.
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Summerbridge will continue to operate as a standalone business within the Kartell group, under the guidance of the existing management team.
Dating back 30 years, it has annual sales of £7 million, with the undisclosed deal described as “representing the next chapter in the history of the prominent Hull business” by Kartell chief executive Alex Norford. It sees the Bedford-based £140 million turnover entity secure a supply of “high-quality British-made bathroom cabinets for its customers and Summerbridge set to benefit from investment by the group”.
Bosses are eyeing a close working relationship with Just Trays, a leading shower tray manufacturer in Leeds, and Vogue, a specialist manufacturer of designer towel warmers, in Willenhall in the West Midlands.
Simon Lunt, director of Summerbridge Holdings, said: “When we received the approach from Kartell’s advisors we immediately saw the potential for the two businesses to join forces. We acquired Summerbridge in 2018 and have worked alongside the wonderful team at the business to put it back on the path to growth and to realise its undoubted potential. It is with great pleasure that I and my fellow directors hand over the reins to Alex and the team at Kartell to take Summerbridge forwards.”
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Founded in 2008, Kartell is the largest supplier of radiators, designer towel warmers and bathroom products to the independent and merchant showroom sector in the 海角视频.
Brands K-RAD, K-VIT and JT are also in the stable. It employs more than 430 people, with a further site in Wigan.
Mr Norford said: “In common with many in our industry over the last 18 months we have experienced record levels of demand. We always strive to deliver exactly what our customers require and recognised earlier this year we needed to secure additional bathroom furniture supply to provide the consistent, high quality products our customers expect from us.
“It is with great pleasure that we are supporting the future of another fantastic British manufacturer and having identified the benefits Hull’s status as a freeport can bring to the group, we were keen to be invested in a city which is clearly making giant strides in the 海角视频 economy. I am really excited to have the opportunity to welcome everyone at Summerbridge into our group and offer our customers their top quality, British-made cabinetry moving forward.”
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Kartell was advised by FRP Corporate Finance, with legal advice from Fladgate LLP and financial due diligence provided by Price Bailey LLP.
Harry Walker, partner at FRP, said: “Alex and the team at Kartell identified the need to secure a consistent supply of furniture as a strategic priority for their business earlier this year and asked us to help. We approached the owners of Summerbridge and then effected an introduction to Kartell. It was apparent that the fit between the two businesses was ideal from early in the discussions and having led negotiations and supported the project at all stages, we are delighted to have delivered a successful acquisition for Kartell once again. We wish both businesses the best for their exciting future together.”
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Summerbridge shareholders received legal advice from Gosschalks LLP, with Shawbrook Bank providing Kartell with increased facilities to finance the acquisition. It was advised by Shoosmiths LLP.
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