Michael Hoyne’s Merlyn Finds £60m Buyer

02 Nov 2017 | 09.11 am

Michael Hoyne’s Merlyn Finds £60m Buyer

Norcros plc acquires shower equipment manufacturer

02 Nov 2017 | 09.11 am

Merlyn Showering, the UK and Ireland’s market leading premium shower enclosures company, is being acquired by South African company Norcros plc for £60m (€68.5m) on a debt free, cash free basis.

Merlyn was established in 2000 by Michael Hoyne (pictured) and the company employs 58 staff based in Kilkenny, a 16 person sales team in the UK and has 9 people in Asia. Approximately 85% of the company’s products are sold in  the UK and  Mainland Europe.

The business is owned by the Hoyne family and Dublin private equity firm Broadlake, which took a 30% stake in 2015.  Merlyn will continue to be run by its existing management team led by CEO Charlie Soden.

Michael Hoyne commented: “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 of 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.”

Pete Smyth, founder of Broadlake and 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.”

Norcros plc specialises in branded bathroom and kitchen products with operations in the UK and South Africa. Its portfolio of brands includes Triton, VADO, Croydex and Johnson Tiles.

Photo: Michael Hoyne (centre) with Pete Smyth (left) and Charlie Soden, CEO of Merlyn Industries. (Pic: Jason Clarke)

 

 

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