By Claire Reilly
Home Appliances — supplier of the Fagor, Euromaid and IAG Appliances brands — is set to change ownership at the end of this month, with Australian brand stable McPherson’s Consumer Products buying an 82 per cent stake in the company.
McPherson’s owns a range of houseware and utensil brands including Wiltshire, Grosvenor, Stanley Rogers and Strachan, and has distribution agreements with a number of other brands including Chef’n and Ocean Glassware. The new deal to purchase the controlling stake in Home Appliances was struck earlier this month, and is expected to be completed on 28 March 2013.
The majority holding in Home Appliances was previously owned by Australian private equity firm Anacacia Capital, which has held a stake in the company since 2009, according to a statement on the Anacacia website.
“Anacacia first invested in Home Appliances in 2009, when the family business chose to acquire the Euromaid cooking appliances brand. Since then, revenue has doubled to more than $40 million, according to Jeremy Samuel, managing director at Anacacia,” the statement read.
Anacacia sold its stake to McPherson’s for AUD $22 million, and claims to have made a fivefold return on its initial investment.
Speaking about the change in ownership was Home Appliances’ managing director, Owen Morgan.
“We are delighted to welcome McPherson’s as our new partner in the business,” he said. “This is an exciting next step for our staff, customers and suppliers and we look forward to continuing to pursue our common, strategic goals together with such a well respected consumer group as McPherson’s. At the same time, we are grateful for the contribution of Anacacia Capital to Home Appliances’ success.”
Home Appliances maintains “the current management shareholders will continue to hold a material interest in the business and very little day to day difference due to the new investment is expected.
“McPherson’s, who are a leader in housewares and household consumable products, will assist Home Appliances to continue to reach its vision of supplying high quality affordable appliances to our major retailers and customers."