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Kilkenny headquartered Merlyn Industries acquired by Norcros plc in £60.0m deal

PRESS RELEASE
 
Kilkenny headquartered Merlyn Industries acquired by Norcros plc in £60.0m deal
 
Merlyn Industries, the UK and Ireland’s market leading premium shower enclosures company, is being acquired by Norcros plc for £60.0m on a debt free, cash free basis (subject to certain adjustments)  from its shareholders the Hoyne family and Dublin based investment firm, Broadlake.  Merlyn was established in 2000, by EY Entrepreneur of the Year Finalist Michael Hoyne and the company employs 58 staff based in Kilkenny, a 16 person sales team in the UK and has 9 people in Asia.
 
Norcros plc is a group of market leading businesses supplying innovative, branded bathroom and kitchen products with operations in the UK and South Africa. Its portfolio of well-known brands includes Triton, VADO, Croydex and Johnson Tiles.
 
Merlyn revenues for the year ended 31 March 2017 were £30.7m and Net Profit was £5.0m.  Broadlake acquired a 30% stake in Merlyn in 2015 and has supported the continued expansion of the business.  Today, approximately 85% of the company’s products are sold in  the UK and  Mainland Europe.  

 Merlyn will continue to be run by its existing management team led by company CEO, Charlie Soden and under Norcros’s ownership will further develop its Kilkenny operations, focusing on the significant opportunities to grow the current business.
 
Merlyn is a compelling strategic fit for Norcros and complements the Group’s existing portfolio of products and brands.  The acquisition of Merlyn is consistent with the Group’s objective of expanding further into the bathroom product sector which will enable them to offer a ‘one stop shop’ to the trade and specification segments in the UK.
 
Commenting on the transaction:
 
Michael Hoyne (Merlyn Founder) said:
“Today is a special day in the development of Merlyn.  With the support of Norcros, the business is well placed now to continue to grow and expand.  This partnership will accelerate the company’s international growth and new product development ambitions.  The last 17 years success is as a result of the united ambition and commitment of every single Merlyn employee.  I am very proud of what we have all achieved and I wish Charlie and the whole team every success on their next phase of growth.”
 
Charlie Soden (Merlyn CEO) said:
“We are excited about this opportunity to deliver on our ambitious growth plans.  This acquisition will give us access to more customer channels and  I believe that Norcros is the very best partner for Merlyn.  We both want to make Merlyn stronger, bigger, better and grow faster but also to maintain our culture of innovation, quality and service.  It’s business as usual for our staff, customers and suppliers.”
 
Pete Smyth (Broadlake Founder & CEO) said:
“The journey with Michael and the senior management team is a perfect example of where Broadlake’s supportive model works.   We backed a great team and helped them develop and execute their growth strategy.  For the Broadlake team it’s very rewarding to help another ambitious Irish SME to realise its potential.”
 
Nick Kelsall (Norcros Group Chief Executive) said:
“The acquisition of Merlyn with its premium brands and market leading positions is an exciting addition to the Group, substantially broadening our bathroom product offering. Merlyn’s focus on design, new product development and its standard of customer service will significantly enhance the Group’s portfolio. I look forward to working with Charlie and his team, whose experience and enthusiasm for the business has impressed greatly, as we look to grow and develop the Merlyn business further.”
 
For further Broadlake and Merlyn information contact:
Geraldine O’Neill PR        +353 87 686 2995 / +353 1 598 9400
 
Merlyn
Website:              www.merlynshowering.com
Twitter:                @merlynshowering
 
Broadlake
Broadlake is a family investment company that typically invests €2-10m in established and growing businesses.  It has invested in seven businesses to date including Vita Liberata the International Skin care brand, 2468 Group the acquisitive Office Services business, TTM the International Healthcare Recruitment & Services company and Conveyortek the Northern Irish based Engineering company.
Website:              www.broadlake.ie
Twitter:                @wearebroadlake @broadlakepete
 
Norcros plc
Notes to Editors
  • Norcros is a leading supplier of high quality and innovative showers, taps, bathroom accessories, ceramic wall and floor tiles and adhesive products with operations primarily in the UK and South Africa.
 
  • Based in the UK, Norcros operates under six brands:
    • Triton Showers – Market leader in the manufacture and marketing of showers in the UK
    • Vado – A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves
    • Croydex – A market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories
    • Abode – A leading niche designer and distributor of high quality kitchen taps, bathroom taps and kitchen sinks
    • Johnson Tiles – A leading manufacturer and supplier of ceramic tiles in the UK
    • Norcros Adhesives – Manufacturer of tile & stone adhesives, grouts and related products
  • Based in South Africa, Norcros operates under three brands:
    • Tile Africa – Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitary ware, showers and adhesives
    • Johnson Tiles South Africa – Manufacturer of ceramic and porcelain tiles
    • TAL – The leading manufacturer of ceramic and building adhesives
 
Website:              www.norcros.com

Focus – 5 simple Questions that will help Catapult your Productivity!

Focus! – Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.

People who claim they don’t have enough time are mistaken – they’re just doing the wrong things with their 24 hours. If you prioritise interruptions, you will squander your potential. Finding focus is the solution. Analysing and Exploring what matters and narrowing your vision to achieve your goals faster. Below are 5 simple questions you should ask yourself today to set your focus right.

1. Is this activity really adding value?

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Value is defined as a fair return for something exchanged. In this discussion, value represents a good return on the time invested. Time is our most precious and finite commodity. It’s something we all take for granted and the miss-allocation of time represents some of our biggest regrets as we get older. If you’re investing time into something make sure it adds value.

2. What clutter can be eliminated from my day?

Clutter, noise and superfluous tasks are the adversaries of progress. They trip you up, lead you astray and blur your vision.

3. Is this activity moving me towards my goals for 2017?

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Every action big or small in the year should contribute to your journey towards the goals you’ve set for 2017. Anything that veers or pivots from this journey is extraneous and not helping you. Focusing on the movements that matter helps you move faster and in the right direction.

4. Is this activity worth my time?

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If you keep on taking on work that adds little value to you or your organisation, it benefits neither of you. Try and rationalise with your boss or colleagues if you feel that a task is clutter. If it truly is, they’ll likely understand it and appreciate your ability to see the bigger picture. Learn to say no when saying no is what’s right.

5. Where do I start?

It’s amazing how often we get in our own way, without knowing it or meaning to. Most of us struggle to focus at times and find ourselves slipping into an unproductive loop of procrastination. A lack of progress can lead to a loss of confidence and self-belief. Once you identify where you need to be and redirect those thoughts, your energy will return. Go for a coffee. Bring a note-pad. Write down your goals and then map out how to get there. Focus requires clarity of mind. Go somewhere you can relax and think clearly.

Once you identify where you need to be and redirect those thoughts, your energy will return. Go for a coffee. Bring a note-pad. Write down your goals and then map out how to get there. Focus requires clarity of mind. Go somewhere you can relax and think clearly.

So 4 quick action points:

  • Create a stop-doing list and stick to it.
  • Create a list of long term goals that matter and drive towards them.
  • Create a list of goals for today that will contribute to that journey.
  • Shed the clutter and noise and drive forward.

Distractions, noise and clutter derail you from driving towards your goals. Re-evaluate what matters, identify your goals and drive towards them fueled by a laser focused mindset. There is no more wishing, there is only doing. If it doesn’t contribute to your journey it doesn’t matter.

Time is precious. Focus and use it wisely.

Check our our winning tips for June here

6 Snippets of Advice to Help You Jump-Start Your June!

Why not win today! Here are 6 Snippets of Wisdom to help Jump-start June.

Every month Broadlake will post a series of quick winning tips to bring you closer to your goals, whatever they may be! We all need triggers to keep us focused and moving forward. Find words or phrases that work for you, stick them on a post-it on your computer and remind yourself each time you log-on to resume driving towards your goals. Here are 5 ways to win in May from the Broadlake team!

1, Write Down a plan

A productive day is not about getting a lot done; it is about the getting the important stuff done. Entrepreneurs, plot your goals for today and this week and find the most efficient way to achieve them.

2. Try, Fail, Learn, Repeat

The fear of failure is the greatest barrier for Entrepreneurial behaviour. The stigma of failure stops us from taking the plunge into uncertainty.

The truth is that anyone who has achieved anything great has at some point made a choice to embrace failure instead of allowing it to hold him or her back.

Failure paves our way to success and gives us permission to excel.  The key is how we respond and the only true failure is not trying at all.

3. Try taking the Road less Travelled

The Journey of an Entrepreneur is never easy, it’s full of challenges, obstacles, trials and tribulations. As an entrepreneur, you have chosen The Road Less Travelled.
It can be extremely challenging at times, business can be bruising and uncompromising, but the rewards in persevering, adapting and reaching the destination are unparalleled.

4. Act Now

What you do has far greater impact than what you say. The most effective way to do it is to simply do it. Done is better than perfect.

5. Take A Break

Entrepreneurs are often celebrated for wearing multiple hats and logging numerous hours. But working without letup is a bad habit that can jeopardise business, health and the life you’re supposedly working toward.

If you don’t give yourself the time to think and play, you’re not going to have the creativity you need to succeed.

6. Slow Down

The greatest weapon against stress is our ability to choose one thought over another. We live as though there aren’t enough hours in the day but if we do each thing calmly and carefully we will get it done quicker and with much less stress.

Check out our Winning tips for May here