RPM Announces Two Acquisitions in the UK
MEDINA, OH - RPM International Inc. announced that its tremco illbruck Group has acquired Firetherm Intumescent & Insulation Supplies Ltd., a UK market leader in fire-stopping solutions for the construction industry. The company’s RPM2 Group has acquired Morrells Woodfinishes Ltd., the UK's largest manufacturer of high-performance wood finishes.
Based in Kent, near London, Firetherm has annual net sales of approximately $10 million. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed. Firetherm manufactures and supplies a broad range of fire-stopping products, intumescent coatings, and fire-rated sealants and fiberboards. They are primarily sold to specialist fire-stopping contractors, general contractors and homebuilders who view the company as a leading technical expert in the sector.
"Firetherm, with its high degree of fire-stopping technical expertise, is a good strategic fit with our tremco illbruck Group and its existing Nullifire intumescent coatings business. The acquisition expands tremco illbruck's product range and capabilities for fire-stopping products and propels it to the leading position for passive fire protection in the UK," stated Frank C. Sullivan, RPM Chairman and Chief Executive Officer. "We expect to grow Firetherm in the UK and internationally by leveraging its products across the tremco illbruck distribution network."
Based outside of Manchester, Morrells has annual net sales of approximately $33 million and nearly 150 employees. The company will remain a stand-alone operation within RPM2's Wood Finishes Group. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed. Morrells designs, manufactures and distributes a portfolio of high-performance wood coating systems. The Morrells product line includes proprietary wood stains, lacquers, colorants and adhesives for niche applications in the furniture, cabinetry, and building construction and restoration sectors. Among its specialty coatings are finishes that provide protection from fire, weather and bacteria. The company's products are sold under the Xerofire, Induro and Omnia brands. Morrells also provides professional application equipment and accessories under its Sprayshop brand. The company has an extensive network of branches throughout the UK, which provide local support to manufacturers for their particular needs.
"With a strong management team, led by Chief Executives Scott Drayton and Tony O'Connor, who will stay on to run the business, a portfolio of advanced technologies and a customer-centric distribution strategy, Morrells is an excellent fit within our Wood Finishes Group," said Sullivan. "We intend to accelerate Morrells' growth by leveraging its coatings technologies across the RPM network."