Online construction and DIY retailer CMOStores.com has bought a one of the country’s fastest growing companies after seeing sales soar during lockdown.
The Plymouth-based “disruptive” company has snaffled Ipswich’s online tile retailer Total Tiles, which was named on The Sunday Times Virgin Atlantic Fast Track 100 list in 2019.
The transaction is the second acquisition by the CMOStores group, following the takeover of DoorWeb in 2018. CMO intends to continue its acquisition strategy to expand the group in the coming years, supported by private equity house Key Capital Partners (KCP) which advised on the transaction.
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The company said it has experienced a sustained period of growth since it secured investment of £8.65million from KCP in 2017. The business now offers consumers more than 75,000 building products supported by a market-leading customer service offering.
SMOStores said the latest deal signals its intention to continue to increase revenue and market share through organic growth and acquisitions, with the ambition of being the 海角视频’s largest online retailer of construction and home improvement products.
In September 2020, CMOStores.com revealed solid sales with more than £23million of merchandise shifted in just six months and profits jumping by 126%.
The company, based in Burrigton Way,in the Honicknowle area of the city, has continued its growth trajectory despite the 海角视频’s lockdown measures, as homeowners used the period to work on large-scale home improvement projects and turned to the company’s six e-commerce “superstores” for their supplies.
Following the latest acquisition, Total Tiles will continue to be led by incumbent managing director Andy Moore, with the company poised to remain on its strong growth trajectory .
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CMOstores.com’s managing director, Sue Packer, said: “We are very pleased to have completed this latest acquisition, which supports our growth ambitions by expanding our presence in the burgeoning home improvement sector.
“We are excited to work with Andy to support the continued success of the CMOStores Group and Total Tiles in 2021 and beyond.”
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Mr Moore said: “I’m looking forward to taking Total Tiles from strength to strength with CMO’s considerable backing and assistance.
“We have already achieved a great deal with Total Tiles, successfully growing our revenue, and going forward we plan to use this platform to build on our success in the future.”
Key Capital Partners’ investment partner James Excell said: “We are very happy to have assisted CMO with its second acquisition, and to be welcoming Total Tiles into the group.
“The acquisition underlines our ambition for the CMOStores Group and demonstrates the company’s commitment to increasing its value and market share.”
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CMOstores.com was advised by Sean Fitzgerald, Rachel Clarkson and Hollie Wash from Ward Hadaway. Total Tiles was advised by Birketts, with partner Mark Pinder and legal director Nick Burt leading the acquisition, with support from solicitors Grace Shek and Simona Gruodyte and secretary Gabriella Szabo (corporate).
Debt facilities were provided by incumbent Clydesdale and Yorkshire Bank, which supported KCP’s original investment in 2017.