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Travis Perkins takes stake in Mosaic Tile Company
Travis Perkins, one of the UK's leading companies in the builders' merchanting and home improvement market, has bought a 49% stake in Leeds-based natural stone tile distributor, The Mosaic Tile Company, for an undisclosed sum.
The Mosaic Tile Company, which includes trading divisions; Romana Tile Company, Verona Stone Company and Stone Nation, was founded by Adrian Hinchliffe in 2000. Following the deal, he will retain 51% of the company and remain as managing director.
Travis Perkins made the approach having identified the large volume of business between the two companies. There is also perfect synergy; The Mosaic Tile Company is a major importer and distributor of natural stone while Travis Perkins is a leading retailer of tiles through its subsidiaries, Tile Giant and Wickes.
The Mosaic Tile Company had a turnover of £8m last year and currently employs 25 people, none of whom will be affected by the buy-in.
Speaking about the deal, Adrian Hinchliffe said:
"I am extremely flattered that Travis Perkins identified the success and potential of the company prior to its approach. Investment from such a successful and reputable company will enable us to bring our expansion programme forward so that we can now push on to next stage of growth.
"I can assure my loyal customers that it will continue to be business as usual with the added advantage that we will now be able to supply them with an even larger range of natural stone."
Commenting on behalf of Travis Perkins, Chief Operating Officer John Carter said:
"We have built up an excellent relationship with Adrian over a number of years. His knowledge of the industry and the experience of his team in sourcing and supplying high quality natural stone is unparalleled in the industry. It's another exciting development for the Travis Perkins group, and we look forward to welcoming them to the team."
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8th January 2010