Sheffield-based bedroom furniture specialist Home Decor has announced the acquisitions of kitchen specialists Optiplan Kitchens and the Manor Cabinet Company, which will see the group exceed turnover of £50m and employ around 350 staff.
The acquisition was funded by investment from Home Decor’s majority shareholder, Cerberus Capital Management, alongside a new funding package from HSBC. The Optiplan and Manor businesses will now come together to form a separate kitchen business within Home Decor.
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.
Max Crosby-Browne commented: “This acquisition is a hugely exciting move for Home Decor and an important strategic step in achieving our growth plans. 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.”
Nick Clarke, Home Decor head of acquisitions, added: “The deal offered us the chance to acquire two growing, interconnected businesses with numerous opportunities to drive future growth under Home Decor’s ownership. We received great support from HSBC through a cost effective combination of asset based and term debt funding.”