Supplier of heating and bathroom products to the showroom and merchant sector Kartell UK, has acquired Vogue (UK) and UK Bespoke Products in a multi-million pound deal.
Headquartered in Willenhall, West Midlands, Vogue is a designer and manufacturer of heated towel rails and associated products.
Vogue employs more than 80 people, has traded for more than 30 years, and delivers more than £14m in annual sales.
The acquisition by Kartell will support Vogue’s growth in both the UK and internationally, where the company has an existing presence in the US market. It will also enable a wider range of products and services to be offered to both Kartell and Vogue’s customer base.
Vogue will continue to operate as a standalone business within the Kartell group under the guidance of its existing management team. On-going integration and leadership support will be given from founders Ray Tunks and Rob Kelley.
Founded in 2008, the Kartell group turns over in excess of £110m from its brands which includes K-RAD, K-VIT and JT. The group employs more than 350 people across principal sites in Bedford, Wigan and Leeds.
Kartell was advised by FRP Corporate Finance’s East Midlands team, led by Harry Walker, with legal advice from a team led by Ravi Goonesena of Fladgate LLP and financial due diligence provided by Price Bailey LLP.
CEO of Kartell Alex Norford commented: “The acquisition of Vogue represents a clear and strategic step in our growth strategy and further establishes our position at the forefront of the UK radiator and bathroom sector.
“When the opportunity to partner with the team at Vogue arose we immediately identified the strategic fit this acquisition represents and we are delighted to announce the deal.
“Everyone at Kartell is excited about working with Ray, Rob and the team at Vogue to address the multiple market opportunities in the UK, Europe and International export markets.
“Our shared focus of best-in-class quality and service will bring added value to all of the group’s customers and stakeholders.”
Ray Tunks, co-founder of Vogue, said: “Vogue is something I am very proud of and has a renowned history which has been developed by a highly skilled and knowledgeable workforce over the last 30 years.
“In this post-pandemic environment, I am confident the investment from Alex and Kartell will enable future growth and secure an exciting future for Vogue, all its staff and the Kartell Group.”
Co-founder of Vogue Robert Kelley added: “Vogue’s success can be attributed to the continual endeavour to provide the best-in-class service and high-quality products to our markets and customers.
“We wanted to find the ideal home for the business to complement and accelerate the work we have done as a team over the last 30 years and believe Alex and the wider Kartell group are the right people to take Vogue forward.
“The last 30 years has been a fantastic story for everyone involved and there have been an awful lot of people along the way who have made a considerable contribution. I would like to thank them all.”
Harry Walker, partner at FRP Corporate Finance, said: “We were delighted to once again support Kartell with acquisition advice.
“Having worked with Kartell before, we had a strong understanding of their business and future plans, so were able to bring the strategic opportunity to acquire Vogue to Kartell’s attention. We then supported Alex and the team in negotiating, managing and closing the deal, which is set to add huge value to both businesses.”
The shareholders of Vogue were advised by MHA MacIntyre Hudson’s corporate finance team, with legal advice from Brindley Twist Taft & James LLP.
Shawbrook Bank provided Kartell with a cashflow facility to finance the acquisition of Vogue and were advised by a team from Shoosmiths LLP, led by John Bew.
