Sunderland-based Griffith Textile Machines (GTM) is looking forward to a brighter future following its acquisition by Ulster Carpet Mill Holdings Ltd, a world renowned carpet manufacturer.
The leading innovator of technical textile machinery GTM now forms part of Ulster Carpets, consolidating a long-standing relationship between the two companies. It is hoped that GTM’s unique skills combined with Ulster’s expert weaving experience will lead to further improvements in carpet technology.
Ulster Carpets has been using GTM machinery for 25 years, and its carpets have graced the floors of many of the world’s most sophisticated venues, such as The Savoy, London.
Dave Watson, GTM managing director, said: “Being such a clear fit, with our shared strategic objectives, joining the Ulster Carpets group was an obvious next step for both parties.
“We are thrilled with the rare opportunity to focus on developing innovative solutions based on our joint, peerless technologies. Joining the Ulster group is the culmination of a 25 year business relationship and will encourage GTM to achieve its maximum potential to the benefit the group, staff and customers.”
David Acheson, Ulster’s head of strategic operations, added: “Ulster’s ethos and future plans very much revolve around quality, design excellence and technical innovation, and GTM fits this perfectly. We are delighted to have secured this purchase and are excited about the future prospects as the two businesses combine their skills.”
Formerly known as Bonas Griffith, GTM’s selling shareholders were advised by Muckle LLP, one of the North East’s leading law firms for business.
Anthony Evans, Muckle LLP partner, led the deal with support from Matthew Walsh and Sara Worsick. Ant said: “There are some fantastic synergies between GTM and Ulster, building on their trading relationship. This was reflected in the deal itself which was very positive and concluded smoothly.”
The acquisition is being funded from Ulster’s cash reserves and reflects its desire to broaden the group by selectively adding outstanding businesses.
GTM is a leading designer and manufacturer of textiles machinery based at Pattinson North Ind. Est. Washington, employs 41 people and has a turnover of £2.3m.
Ulster Carpets is a world class carpet manufacturer headquartered at Craigavon, Portadown, with several offices and businesses in the UK and overseas. The group employs 590 people and has a turnover of £65m.
Muckle is a leading commercial law firm for businesses, based in Time Central, Newcastle upon Tyne, employing 146 people, including 28 partners with a turnover of £12.1m.