Polish white goods manufacturer Amica has announced that it has acquired The CDA Group Ltd. The £24.3 million acquisition is the largest in Amica’s 70-year history.
The acquisition is the second for Amica this year, following on from August’s purchase of shares in French distributor Sideme.
Amica says that the outright purchase of the CDA Group forms part of a strategy which aims to generate revenues of EUR 1.2 billion by 2023. Amica will achieve this through organic growth, sales diversification and business process optimisation alongside further strategic acquisitions, the company explains.
Amica Wronki S.A. president of the board Jacek Rutkowski commented: “With the purchase of CDA we are strengthening the position of the Amica Group in Western Europe. This transaction guarantees us four times higher sales in the UK and Ireland and a 10% increase in revenues of the Amica Group, excluding future synergies.”
Amica’s sales in the UK and Ireland have increased over the first three quarters of 2015 by 20% on a year-to-year basis, the company says, with the CDA acquisition hoped to deliver further growth.
Amica Wronki S.A. vice-president for strategy and controlling Piotr Skubel explained: “The experience and knowledge of CDA’s management team, customers and the complementary character of the product portfolio are key. Amica intends to capitalise on the market position of CDA, particularly in the built-in appliances sector.”
UK and Ireland country manager Simon Freear added: “There are exciting opportunities with each of the brands. By keeping each autonomous with its own products, innovations and separate distribution channels, both businesses will benefit immeasurably. Key management are to remain with both Amica and CDA and this is important from the point of view of building CDA’s value in the Amica Group and keeping the distinct identities of the brands.”
CDA managing director Ian Kershaw commented: “I have always considered myself an employee of CDA who also happens to own the shares. The shares have changed hands, but they are in safe hands. We have an ambition to put a CDA appliance in every home in the UK, and under the umbrella of Amica we can achieve that. In every conceivable way this deal is exactly what CDA needs to take the next step in our journey. We are very fortunate to have the considerable resources of one of the fastest growing appliance companies in the world behind us. All of our staff and trade partners can only look forward to even greater times ahead.”