Tue, 01 Oct 2024 | BUSINESS SALE
A South Yorkshire-based manufacturer of workplace wiring accessories has been acquired by listed firm Luceco in a deal worth £30 million. CMD Limited, which is based in Rotherham, designs and manufactures a wide range of wiring accessories for commercial premises.
The company’s products include under-floor and under-desk power distribution systems, on-desk and in-desk sockets and a range of ergonomic solutions, including the firm’s award-winning Miro monitor support arm.
Luceco is a supplier of wiring accessories, LED lighting, portable power products and EV chargers. It has acquired CMD Limited’s ultimate parent company, Baltic Topco Limited, from Rubicon Partners and its management for £30 million.
The price reflects approximately an 8.3x multiple of CMD’s post-tax profits of around £3.6 million for the year ending December 31 2023, during which time the business reported turnover of £23.1 million.
The acquisition will see CMD’s experienced management team remain with the business post-sale. The management team will continue to operate from the company’s headquarters in Rotherham.
Luceco chief executive John Hornby said: "Luceco has a well-established position as a leading supplier of wiring accessories to the residential market in the UK so CMD, with its leading position in the commercial wiring accessories market, is a very natural fit.”
"The group's expertise in product development, manufacturing and sourcing will enable us to accelerate range innovation and improve margins for CMD. We also see an opportunity to offer Luceco's professional lighting range to CMD's customer base of specifiers and contractors.”
Hornby added that the deal was in line with Luceco’s M&A strategy, following its successful acquisition of D-Line earlier this year.
CMD Managing Director Jon Holding commented: "CMD has been successful over many years thanks to its hard-won reputation for consistently delivering excellent customer service. The management team and I are excited for the next chapter and look forward to growing the business with Luceco behind us."
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