Mon, 05 Sep 2022 | BUSINESS SALE
Birmingham-based clothing business BTC Activewear has been acquired by listed Swedish firm New Wave Group in a deal that values the company at £33 million. The price represents a multiple of around 8.25x BTC’s profits of slightly over £4 million for the year ending December 31 2021, generated on turnover of £53 million.
BTC Activewear operates from a distribution centre and head office at junction 9 of the M6 near Wednesbury. The company sells a wide range of clothing, including sportswear, casual wear and workwear, as well as luggage and bags, and serves both the online and high-street retail markets.
The business was formed in 2000 through the merger of three existing firms and has since grown to become one of the UK’s largest wholesale clothes distributors, selling approximately 50 apparel brands, including Nike and Regatta.
BTC Activewear CEO and co-founder Stephen Pope, who will remain in his role post-acquisition, commented: "BTC Activewear will be able to grow and take further steps together with New Wave Group where the mix between our understanding of and position in the UK market and New Wave Group's experience and brands will be an unmatched combination.”
"With a more comprehensive and improved customer offer, we will be able to reach new customers and compete in new areas. Of course, this will be beneficial to the business and also allows us to grow sales of our existing portfolio of brands."
New Wave Group CEO and founder Torsten Jansson added: "Through this acquisition, we establish New Wave Group as one of the main players on the UK market which of course feels great. In addition, we will add a very attractive and well-run company to our group as well as invaluable industry knowledge that will benefit all New Wave Group companies."
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