Carysil acquires majority stake in The Tap Factory Ltd.

Carysil Ltd., a prominent player in the global market for kitchen and bathroom products, has disclosed its acquisition of a majority stake (70%) in 'The Tap Factory Ltd.' (TTFL), located in Yorkshire, UK, through its subsidiary, Carysil UK Ltd. TTFL specializes in designing and sourcing contemporary hot water boiling taps, gradually expanding from bathroom equipment to a range of kitchen products, including instant boiling water taps. In the past fiscal year (Nov'21 - Oct'22), TTFL reported a turnover of £1.55 million.

The acquisition transaction is valued at £1.16 million (equivalent to 70% of the Total Enterprise Value of £1.65 million). Carysil UK Ltd. retains the option to purchase the remaining 30% equity in two installments of 15% each, based on an Enterprise value derived from six times the EBITDA over the next two years. The acquisition will be financed from internal accruals.

Mr. Chirag Parekh, Chairman & Managing Director of Carysil Limited, expressed his satisfaction with this acquisition, emphasizing its strategic fit with Carysil's existing product range. This marks Carysil's third acquisition in the UK, reflecting the company's commitment to becoming a market leader in the kitchen segment. It also signifies an expansion of the company's portfolio within the UK, strengthening its presence in both the UK and global kitchen and bathroom brassware sectors.