Addmaster is setting its sights on major international growth after it was bought by Polygiene in a deal worth £33million, plus cash and stock.
Addmaster, which supplies performance-enhancing additives for the plastic, paper, textiles, paints and coatings industry, will become an instrumental part of the Swedish-owned company and help the two businesses deliver a host of synergies for clients across the globe.
addmaster collab
The acquisition brings together the Stafford firm’s expertise in antimicrobial technologies on hard surfaces with the parent group’s long-standing reputation in odour control and antiviral solutions for textiles.
Furthermore, the new owners have extended the lease on the Addmaster head office, signalling the intent to invest in the UK team so that it can play a driving force in the global growth of the enlarged group.
Founder Paul Morris and Managing Director Sandrine Garnier will continue to lead the company going forward, as it aims to build on the Covid-19 fuelled demand for hygienic products.
“This is a fantastic deal for our business and gives us the financial backing and global resources we need to maximise the potential of our products, including the world-leading antimicrobial protection offered by Biomaster,” explained Morris, who started Addmaster twenty years ago after borrowing £5000 off his grandmother.
“In addition to the obvious financial benefits, the deal gives us additional reach and the opportunity for our existing client base to make the most of experts on both polymer and textile applications, receiving industry-leading technical support in the process.”
Ulrika Björk, CEO of Polygiene, which was established following the 2004 SARS pandemic through a spin-off from the Perstorp Group, said: “It’s great to have the backing of the EGM. We can now focus on merging the two companies and getting the organisation established. The acquisition will allow us to offer the market a comprehensive solution of antimicrobial functions for both soft surfaces such as textiles and hard surfaces such as floors, handles, kitchen and bathroom fittings in public spaces. This reduces the need for washing and cleaning, therefore lessens our environmental impact."