Vaping specialist Supreme plc has bought an Irish batteries and lighting products firm in a deal worth around £1.5m.
The Manchester-based vaping, lighting and batteries specialist this morning revealed that it has acquired Vendek, a Dublin-based firm operating exclusively in Ireland.
Supreme announced its flotation on the AIM market earlier this year in a move that raised £67.5m, and said this deal will expand its footprint in Ireland, as well as provide an "excellent platform from which to further penetrate the European markets".
The deal is worth €1.82m for the firm, which distributes lighting and battery products under the Osram, Panasonic and Duracell brands, servicing some of the country's leading retailers.
Sandy Chadha, CEO of Supreme, said: "We are delighted to be announcing what we believe to be a strategic acquisition in Vendek.
"This is our first transaction since our admission to trading on AIM, and not only expands our footprint in Ireland but provides an excellent platform from which to further penetrate the European markets.
"I have personally known this business for a number of years and firmly believe the combination of our two Ireland operations will significantly accelerate our growth aspirations and foster potentially stronger levels of cross-sell opportunities across our categories.
"We look forward to welcoming Vendek into the Supreme group and updating shareholders on our progress over the course of the current financial year."
The statement to the markets on Friday morning said a "certain amount" of Vendek's growth achieved through 2020 can be attributed to increased demand for its products during Covid lockdowns.
Supreme added that the acquisition is expected to be "immediately earnings enhancing" for the group.
It added that the acquisition creates an opportunity to establish a European export hub specifically targeting countries within the EU whilst remaining competitive.
