EXEL Industries acquiring Hozelock Group
EXEL Industries is acquiring the Hozelock Group.
EXEL Industries has been in sales negotiations with CVC Capital Partners in regards to its proposed purchase of the Hozelock Group.
As a result, EXEL has entered a definitive agreement to acquire the firm, which is one of Europe's key garden products manufacturers.
The transaction should help EXEL speed up its development in this sector, as well as strengthen its positions in the Scandinavia, Benelux and UK consumer markets.
A number of synergies were noted between the two enterprises, including distribution networks, countries, logistics and sourcing.
Hozelock has at least 500 members of staff operating in six European subsidiaries and has established itself as the UK's most popular gardening brand name.
Managing director of EXEL Guerric Ballu said: "We welcome Hozelock Group into Exel Industries with great pleasure."
He suggested that Hozelock's distribution networks, varied supply and strong reputation are "important factors" for his firm in "continuing our growth in consumer markets".
"This acquisition is fully consistent with our strategy," Mr Ballu added.
Posted by Edel Quinn
Source: EXEL press release, October 16th