Sheffield-based Home Decor, a supplier of bedroom furniture, has acquired Optiplan Kitchens and the Manor Cabinet Company, a move which increases the size of the group which will now have a turnover of £50 million.
The Optiplan and Manor businesses will now come together to form a separate kitchen business within Home Decor. Manor designs and manufactures bespoke kitchens which are sold through Optiplan showrooms, via Manor’s own retail outlets and direct to architects and housebuilders.
The new group will be headed-up by Home Decor’s existing CEO Max Crosby-Browne. Home Decor’s current Commercial Director Mark Gledhill has been appointed Sales and Marketing Director of the new kitchen business and Neil Martin has joined as Sales Director for the Home Decor bedroom business. Jason Limbert, Chief Operating Officer will have the responsibility for leveraging Operational and Supply Chain synergies across the group in order to support the growth of both the Kitchen and Bedroom business units.
The acquisition was funded by investment from Home Decor’s majority shareholder, Cerberus Capital Management, alongside a new funding package from HSBC. The acquisition and associated fundraising was led by Home Decor’s Head of Acquisitions, Nick Clarke, with banking support from Chris Alsop, Relationship Director at HSBC Corporate Banking.
Crosby-Browne said: “This acquisition is a hugely exciting move for Home Decor and an important strategic step in achieving our growth plans. We will now have two distinct business units which together can offer customers a more integrated offering. The three businesses are a great fit in terms of culture, product offering and market sectors.
“Our focus is now on working in partnership with Optiplan and Manor’s existing management teams to ensure a smooth integration over the coming weeks and months.”