Home Décor acquires Optiplan Kitchens and Manor Cabinet Company

Bedroom furniture supplier Home Décor has expanded with the acquisition of Optiplan Kitchens, which has showrooms in Buckinghamshire and Hertfordshire, and the Manor Cabinet Company.

The deal creates a group with revenues of £50m, employing about 350 staff across the UK.

Home Decor manufactures and installs fitted wardrobes and sliding wardrobes direct to consumers through its Spaceslide brand. It also has a substantial trade business supplying to the new build residential market and trade and DIY retailers.

The Optiplan and Manor businesses will now come together to form a separate kitchen business within Home Decor.

Optiplan is a UK kitchen retailer selling handmade kitchens from a network of showrooms across the South East. Manor, meanwhile, designs and manufactures bespoke kitchens which are sold through Optiplan showrooms, via Manor's own retail outlets and direct to architects and housebuilders.

The new group will be headed-up by Home Décor's existing chief executive Max Crosby-Browne. Home Décor's current commercial director Mark Gledhill has been appointed sales and marketing director of the new kitchen business and Neil Martin has joined as sales director for the Home Decor bedroom business.

Jason Limbert, chief operating officer, will have the responsibility for leveraging operational and supply chain synergies across the group in order to support the growth of both the kitchen and bedroom business units.

Max Crosby-Browne said: "This acquisition is a hugely exciting move for Home Decor and an important strategic step in achieving our growth plans.

"We will now have two distinct business units which together can offer customers a more integrated offering. The three businesses are a great fit in terms of culture, product offering and market sectors."

The deal was funded by investment from Home Décor's majority shareholder Cerberus Capital Management, alongside a new funding package from HSBC. The deal and associated fundraising was led by Home Décor's head of acquisitions Nick Clarke, with banking support from Chris Alsop, a relationship director at HSBC Corporate Banking.

Financial due diligence was undertaken by a team from BDO, led by Bob McDermott.

Source : InsiderMedia.com
https://www.insidermedia.com/insider/northwest/home-decor-expands-with-kitchen-deal

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