Greater Manchester-headquartered consumer goods giant Ultimate Products has announced the £34m acquisition of the UK's oldest houseware brand.
The Oldham-based company has raised about £15m to fund the move for Salter Brands which dates back to 1760.
The proposed fundraise comprised a placing of new ordinary shares and an offer for subscription through the PrimaryBid platform.
Since 2011, Ultimate Products has licensed the Salter brand for the sale of kitchen electrical and cookware products, not including Salter scales, with the current licence due to expire in 2024.
The Salter brand has a long and varied history including the works football team which was formed in 1878 becoming West Bromwich Albion and the company producing the first commercially available typewriter in 1892.
The acquisition will provide Ultimate Products with the opportunity to further develop Salter's international sales, which have been described by the firm as "modest".
It will also provide Ultimate Products with the opportunity to create a more diversified and balanced Salter brand portfolio.
Ultimate Products' chief executive Simon Showman said: "Salter is an historic brand with an outstanding heritage and a fantastic reputation for producing high quality homeware products.
"As such, it will enhance and diversify our existing exceptionally strong portfolio of value‑focused consumer goods brands.
"We already have a close relationship with Salter and its customers as a result of our long-standing licensing arrangement and we look forward to growing the brand further both in the UK and internationally in the coming years."
The company has also entered into a new additional £10m conditional term loan agreement with HSBC to part finance the initial consideration of £32m.
The move comes after a German kitchen electricals brand has been acquired by Ultimate Products earlier this year.
