Acquisition(s)
01 April 2011 - 9:17PM
UK Regulatory
TIDMAGA
FOR IMMEDIATE RELEASE
1st April 2011
AGA WIDENS COOKER RANGE WITH ACQUISITION OF REDFYRE
AGA Rangemaster Group plc ("the Group"), the specialist in range cookers and
kitchen living, has acquired the business and principal assets of Redfyre
Cookers ("Redfyre") and Don Heating Products ("Don") from Gazco Ltd. They
currently have a combined revenue of around GBP1 million per annum. The
consideration is approximately GBP0.75 million, subject to a final stock
adjustment, and has been funded from the Group's existing cash resources.
Redfyre, whose history dates back to the 1930s, is a well-established cast iron
cooker brand selling oil, gas and electric range cookers. Redfyre has much in
common with the Group's Irish based Stanley operation and the two brands will
now work closely together.
Don has, for many years, supplied spare part components for cast iron range
cookers in the field including AGA, Rayburn, Stanley and Redfyre and fits
neatly with the Group's product upgrade programme.
"This acquisition is about continuing and reinforcing our strong support for
cast iron products in the field and offering customers a wider range of new
modern models to consider." William McGrath, Chief Executive, AGA Rangemaster
Group plc.
Enquiries:
William McGrath, Chief Executive, AGA Rangemaster Group plc - 01926 455731
Simon Sporborg/Charlotte Kenyon, Brunswick Group - 020 7404 5959
END
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