Danish furniture fabric supplier Gabriel A/S has announced the acquisition of British screen manufacturer Screen Solutions Ltd.
Gabriel has signed a share purchase agreement with the owners of Screen Solutions under which 100% of the share capital is taken over, in a deal agreed at £4.5m.
Brighton-based Screen Solutions reported total revenues of £7.1m in 2015, with a pre-tax profit of £0.5m, and is recognised as one of Europe’s leading suppliers of screens for the European furniture industry under its established brands Screen Solutions and Acoustic Comfort.
Gabriel said that the purchase forms part of its focus on expanding its services and products, as well as further strengthening its presence within the UK.
The Group added that it expects revenue from Screen Solutions to contribute positively to total consolidated growth in 2016/17, while the costs of the takeover will have a negative effect on profits for 2016/17.