A Carlisle hardware firm has been bought for £19 million.
Zoo Hardware, on Kingmoor Park, has been acquired by ERA, the UK division of Tyman plc, an international supplier of engineered components to the door and window industry.
Zoo Hardware is a designer and supplier of architectural hardware for the UK residential and commercial markets, principally sold via trade distribution.
It was founded by Robin Graham in 2010 and has grown
In the year ending March 31 2018, Zoo Hardware reported unaudited revenue of £17.8 million and EBITDA of £2.8 million.
Zoo Hardware’s experienced management team, led by Mr Graham, will be retained following the acquisition.
Mr Graham will also become a non-executive director of ERA.
The enterprise valuation for Zoo Hardware is £19m.
Louis Eperjesi, chief executive, said: "The acquisition of Zoo Hardware complements ERA’s product range and offering and represent a further milestone in the development of the ERA division.
“Zoo Hardware has grown rapidly since its establishment in 2010 and brings to ERA an attractive, design led architectural hardware offering; together with increased exposure to the trade distribution route to market.
“The business brings further growth opportunities for the division and Tyman’s ownership will allow Zoo Hardware to realise its potential as a part of a larger group.”
“On behalf of the board I am pleased to welcome the management and employees of Zoo Hardware to the group.”
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