Temple Bright advises Indian conglomerate on acquisition of leading UK tableware and cookware business Horwood Homewares
Innovative law firm Temple Bright has advised the Indian multinational TTK on its acquisition of Horwood Homewares, the leading UK tableware and cookware supplier established in 1896.
TTK Group, established in 1928, has an extensive international presence across a broad range of sectors including consumer durables, pharmaceuticals, medical technology and health insurance. Its subsidiary TTK Prestige is India’s largest kitchen appliances company and one of the top 500 listed companies in India.
Horwood Homewares is one of the largest table and cookware suppliers in the UK with a turnover of £18.7m and owns the internationally renowned brands Horwood, Stellar and Judge, supplying over 2000 table and cookware products across key European markets.
The deal represents a significant step forward for TTK in strengthening its international strategy in the home appliances sector, enabling the group to use its existing innovation, design and manufacturing capabilities to extend Horwood Homewares’ reach in the high value European markets.
TTK Prestige executive chairman T. T. Jagannathan said TTK was attracted to Horwood by its strong legacy, great relationship with channel partners and commonality in culture.
“We found a good partner in the leadership team of Horwood,” he said. “TTK intends to have continuity in the management and supplement Horwood with enough investments in product development, channel development and also new market development. TTK has been a high growth company in India and would ideally like to help Horwood also grow aggressively.”
Horwood director Jeremy Horwood welcomed TTK as the company’s new partner and said: “This is the next stage in Horwoods’ development, started by my great grandfather in 1896. The link up with TTK Prestige is the coming together of family companies with similar high values around employee wellbeing, customer service and quality.”
KPMG Corporate Finance and Temple Bright advised TTK Prestige, while Smith & Williamson Corporate Finance and Ashfords advised the vendors. INGA Capital also provided valuation advice to TTK Prestige.
Smith & Williamson Corporate Finance partner Martyn Fraser said: “The deal with TTK is a great outcome for Horwood Homewares. Its ability to attract such a substantial international buyer demonstrates the strength of the company and points the way to continued success in the future. It was a pleasure to be involved in the transaction, working with two excellent principals and advisory teams.”
Temple Bright Corporate partner Stuart Hutson said: “We were delighted to advise TTK Prestige on this deal which is a key strategic move for the business as it continues its program of international growth. Horwood Homewares is an extremely well regarded UK brand and having the support of a major global player in TTK is sure to take its business to the next level.”
Temple Bright co-founder Tim Summers said: “It has been a privilege for us to work with TTK on this important deal. TTK has developed a well thought out model of strategic acquisitions, bringing new vitality to acquired businesses through investment and the synergies created by its diverse portfolio. We are delighted to have been able to help TTK realise its plans.”
Temple Bright was established in 2010 using a tech-enabled, streamlined business model and now has 48 partners with offices in London and Bristol. The firm has a particular focus on corporate finance work across a range of sectors, with a growing international emphasis as demonstrated by the TTK deal.
This article appeared on the Bdaily website on 19 April 2016.