In a “familiar” move, Amin Amiri of a2e Venture Catalysts, has acquired the worldwide business and operations of Omnova Wallcovering (UK) Limited known as Muraspec, which was part of the commercial wall covering business of OMNOVA Solutions, a US based conglomerate.
Net assets of USD11million were purchased by using only USD4m of external debt and the resulting robust financial structure will allow investments in brand and equipment. The deal includes the entire manufacturing and warehousing facilities in Kent and Hemel Hampstead and the worldwide sales and distribution network of Muraspec, operating from bases in London, Paris, Middle East, Dubai, India and South East Asia.
Muraspec has sales of circa USD40m (GBP25m), employs circa 200 people and is one of the largest and most recognised manufacturers in this segment of the industry.
The management team headed by Tariq Rashid, will continue to run the business and Rashid has also acquired a minority equity stake alongside Amin Amiri. In line with a2e’s investment ethos, all the key employees will become stakeholders in the business, in due course.
Amiri says: "I am very pleased that the deal was concluded in a manner which would give MURASPEC, a fresh start, and will enable it to leverage off it’s well known brands and the extensive distribution network developed in the past 20 years or so. A2e will continue to invest in manufacturing companies in the UK, and we are looking to make complementary acquisitions of brands in due course.”
Managing Director, Tariq Rashid, says: “We need to build upon Muraspec’s brand values and passion that our human capital has for the business and this will drive us forward for customer solutions. The acquisition by a2e provides the management team with a clear strategic focus and investment plans are being drawn up to upgrade our manufacturing capability and enhance our efficiency.”
