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Manchester wipes manufacturer Techtex buys out competitors
Manchester-based supplier of healthcare and industrial fabrics, Technical Textile Services, which trades as Techtex, has announced the acquisition of two competitors, Whitminster International and Klenzeen, to strengthen its presence in healthcare and industrial wipes sector.
The sum paid is undisclosed, but the newly-enlarged business enjoys a £20m plus turnover, and the deal makes Techtex the largest UK independent manufacturer of high-quality cleansing wipes, taking the workforce to 90.
With two divisions supplying healthcare and industry, the company sources non-woven fabrics and manufactures a range of dry and wet wipe products including branded, private label and generic products.
The company operates from a modern, 70,000sq.ft manufacturing and warehouse facility at the Rhodes Business Park, Middleton, north Manchester. The two acquired businesses share the same directors and are based on a site in Stafford, from where operations will continue.
Founding partners, sales director David Beardsworth, finance director Steve Oldfield and operations director Brian Whitney are joined by Whitminster and Klenzeen directors Julian Ashworth, who becomes general manager, and David Thompson, who becomes sales manager.
The buy-out is the fourth by Techtex in the past decade and displays the strong growth curve the company is on, notes David Beardsworth, who says: "These acquisitions will further strengthen our offer to customers in healthcare and industry and will enhance our offer to new markets, including significant overseas opportunities."
Techtex products including its own Clinitex brand are found widely in NHS hospitals across England, Scotland and Wales as well as in care homes, private hospitals, shops and factories and the company will continue to supply the Whitminster and Klenzeen brands, which are well-known predominantly in the industrial and janitorial marketplace.
"Current customers of all the companies now under Techtex should know that it is business as usual, and thanks to our combined resources, we are focused on an even keener approach to customer service, technical expertise and product quality," says David.
Acquisition funding was provided by HSBC. Mark Boyle, HSBC UK's relationship director for Greater Manchester, says: "Technical Textile Services has a strong reputation in its industry and a clear growth strategy. We're proud to support the company as it expands through this acquisition into new markets; achieving sales growth, boosting its manufacturing capacity and creating new jobs in the area."
Debbie King and Jenny Goodwin from Farleys Solicitors advised Techtex, alongside Ian Liddle who provided support on the property aspects of the acquisitions. Debbie says: "Techtex has a clear vision and ambitious plans for growth and these latest acquisitions mark an important milestone in that journey. We are delighted to have played a key role in securing the next stage in Techtex's expansion and look forward to supporting them in the future."
Tax advice was provided by Nadeem Hussain, from Pierce Business Advisory and Accountancy Group. He says: "Techtex is a really forward-thinking company and has seized fantastic opportunities within the sector to create a strong business model. We're delighted to have played such a key role in their acquisition and we look forward to supporting the company in the future with its continued growth."
Image: from left: Brian Whitney, David Beardsworth, Steve Oldfield, David Thompson, Julian Ashworth.
7th January 2019