Our partner company Merlyn has been bought by Norcros for £60m (€68.3m).
The company, which was founded in 2000, employs 58 staff in Kilkenny – as well as a 16-person sales team in the UK, and nine people in Asia.
It recorded revenue of £30.7m (€35m) for the year to March, while profit for the period was £5m (€5.7m). Around 85% of Merlyn’s products are sold in the UK and mainland Europe.
Its current shareholders are the Hoyne family and the Dublin-based investment firm Broadlake. Broadlake previously acquired a 30% stake in Merlyn in 2015.
Norcros is a business group specialising in branded bathroom and kitchen products, with operations in the UK and South Africa.
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.