TTK Prestige, through its wholly-owned subsidiary TTK British Holdings, has acquired Silampos UK for an undisclosed sum.
Through this transaction, TTK Prestige has also acquired the entire equity and business of Horwood Homewares, a subsidiary of Silampos, and a table and cookware supplier in the UK. KPMG Corporate Finance was transaction advisor to TTK Prestige and Temple Bright LLP the legal advisor.
“Horwood brands will provide a strong footing for the rapid expansion of TTK’s business in the European markets. We will combine the design, manufacturing and marketing capabilities of TTK prestige to expand and grow the Horwood business in the European markets,” said T T Jagannathan, Executive Chairman at TTK Prestige.
TTK Prestige is India’s largest kitchen appliances company and is one of the top 500 listed entities in India with a market capitalisation of half-a-billion GBP.
It is part of the TTK Group of companies which was founded in 1928 by T T Krishnamachari, who later became a member of the Cabinet of the Government of India and held portfolios such as finance, industry and commerce for nearly 15 years.
TTK Prestige has 10 factories, 23 warehouses, multiple innovation centres and caters to 50,000 retailers across India. The company has an international presence through OE supplies to UK, Europe, US, West Asia, Africa, South East Asia, Australia and New Zealand.
The business of Horwood has been in operation since 1896 and owns international brands such as `Horwood’, `Stellar’ and `Judge’. It has a broad customer base of more than 1,000 retailers and has long standing customer relationships. The business had revenues of GBP 18 millioin in CY 2015.