Manchester-based suppliers of healthcare and industrial fabrics, Technical Textile Services Ltd., which trades as Techtex, has announced the acquisition of two competitors, Whitminster International Ltd and Klenzeen Ltd.
The sum paid is undisclosed, but the newly-enlarged business enjoys a £20m plus turnover, and the deal makes Techtex the largest UK independent manufacturer of high-quality cleansing wipes, taking the workforce to 90.
With two divisions supplying healthcare and industry, the company sources non-woven fabrics and manufactures a range of dry and wet wipe products including branded, private label and generic products.
The company operates from a modern, 70,000 sq. ft. manufacturing and warehouse facility at the Rhodes Business Park, Middleton, north Manchester. The two acquired businesses share the same directors and are based on a site in Stafford, from where operations will continue.
The founding partners Sales Director David Beardsworth, Finance Director Steve Oldfield and Operations Director Brian Whitney are joined by Whitminster and Klenzeen directors Julian Ashworth, who becomes General Manager, and David Thompson, who becomes Sales Manager.
The buy-out is the fourth by Techtex in the past decade and displays the strong growth curve the company is on, says Techtex spokesman and group Sales Director David Beardsworth.
“These acquisitions will further strengthen our offer to customers in healthcare and industry and will enhance our offer to new markets, including significant overseas opportunities,” says Mr Beardsworth.
Techtex products including its own Clinitex brand are found widely in NHS hospitals across England, Scotland and Wales as well as in care homes, private hospitals, shops and factories and the company will continue to supply the Whitminster and Klenzeen brands, which are well-known predominantly in the industrial and Janitorial marketplace.
Mr Beardsworth says: “Current customers of all the companies now under Techtex should know that it is business as usual, and thanks to our combined resources, we are focused on an even keener approach to customer service, technical expertise and product quality.”
Acquisition funding was provided by HSBC. Mark Boyle, HSBC UK’s Relationship Director for Greater Manchester, says: “Technical Textile Services has a strong reputation in its industry and a clear growth strategy. We’re proud to support the company as it expands through this acquisition into new markets; achieving sales growth, boosting its manufacturing capacity and creating new jobs in the area.”
Techtex have a clear vision and ambitious plans for growth and these latest acquisitions mark an important milestone in that journey. We are delighted to have played a key role in securing the next stage in Techtex’s expansion and look forward to supporting them in the future.
Tax advice was provided by Nadeem Hussain, from Pierce Business Advisory and Accountancy Group. He says: “Techtex is a really forward-thinking company and has seized fantastic opportunities within the sector to create a strong business model. We’re delighted to have played such a key role in their acquisition and we look forward to supporting them in the future with their continued growth.”