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Supreme PLC on Monday announced the acquisition of carpet care brand 1001 from San Diego, California-based chemicals company WD-40 Co.
The Manchester, England-based consumer products distributor with products including batteries, lighting, vaping, sports nutrition and wellness, branded distribution and soft drinks said the acquisition for an initial £1.7 million provides for the purchase of inventory at book value with an additional contingent consideration associated with future sales growth of up to £3 million.
Supreme Chief Executive Officer Sandy Chadha said: ‘1001 is a heritage British brand with decades of trust and consumer recognition and we are thrilled to welcome it into the Supreme family. This acquisition highlights our ability to identify and reinvigorate brands with strong equity while leveraging our shared back-office capabilities. We see substantial potential to expand the 1001 range, invest in its growth, and build another successful vertical alongside our existing portfolio.’
Supreme shares rose 2.1% to 183.75 pence each on Monday morning in London.
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