Smallbone to acquire Christopher Peacock Cabinetry
02 September 2008
Smallbone Plc, the international supplier of luxury lifestyle brands, has agrred to acquiret Christopher Peacock Cabinetry, a luxury kitchen retailer in the US for a total consideration of up to US$15 million.
Smallbone will pay an initial consideration of US$8 million in cash and US$4.5 million in equity, issued at £1.11p per share, with a lock-in period of one year from the Acquisition
Further consideration of up to US$2.5 million and a further 824,502 shares may be payable based on achieving various performance measures
Peacock has 2 showrooms in the US (Greenwich, Connecticut and Chicago), and 2 dealerships (Boston and Los Angeles). A new showroom is due to open in San Francisco in September 2008
Charles Smallbone, Chairman & Chief Executive of Smallbone, commented:
'It has always been our intention to create a strong business in the US and I remain extremely confident that this market provides us with huge potential across the Group.
'This acquisition immediately gives us critical mass in the US enabling our US business to become a standalone operation. Peacock is a pre-eminent luxury kitchen brand in the US and has real scalability to expand from an already very profitable base. It is an excellent business in its own right and fits right at the heart of what we do.'
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