Portmeirion Group has agreed to purchase US premium homewares company Nambé, for a sum of $12m. The acquisition provides the Group with a stronger influence in the US market, as Nambé’s sales are largely concentrated in the US through wholesale channels, online and through eight retail stores across New Mexico and Arizona.
Nambé’s portfolio includes cutlery, glassware, dinnerware, kitchenware and home décor. The company was founded in 1951 and its reported sales for 2018 were$18m. Nambé’s key management team will continue in their roles.
The acquisition complements Portmeirion Group’s existing US subsidiary while continuing its diversification into new homeware product categories. The company anticipates benefits from the expertise of Nambé’s contemporary design consultants across its brands and ranges.
Lawrence Bryan, Portmeirion Group’s chief executive commented: “Having been working with Nambé for nearly a year on potential synergistic opportunities, we aredelighted to acquire this historic US brand together with a strong management team. Nambé issynonymous with market leading design in homewares and we are hugely excited to take the brand onthe next part of its journey.”
He added: “Portmeirion Group has a great track record of adding value though acquiringquality brands that can then be leveraged through our global sales infrastructure. We are looking forwardto working with the Nambé team on growing the business.”
Describing the acquisition as “an exciting milestone for Portmeirion,”and “highly complementary to our existing business,” Dick Steele, non‐executive chairman reported: “The Board expects the acquisition to be earnings enhancing in the first full year of consolidation through top line growth along with sales and cost saving synergies.”
Above: Some of Nambé’s product range.
