FKA Brands has announced the sale of Salter Brands to Ultimate Products (UPGS) in a £34 million deal. Dating back to 1760, Salter is said to be the UK’s oldest housewares brand.
Ultimate Products has licensed the Salter brand for kitchen electrical and cookware products (not including Salter scales) since 2011. The current licence was due to expire in 2024. The acquisition will enable Ultimate Products to create a more diversified and balanced Salter brand portfolio and develop Salter’s international sales, which are currently ‘modest.’
Simon Showman, chief executive officer of Ultimate Products commented on the proposed acquisition: “Salter is an historic brand with an outstanding heritage and a fantastic reputation for producing high quality homeware products. As such, it will enhance and diversify our existing exceptionally strong portfolio of value‑focused consumer goods brands.”
He continued: “We already have a close relationship with Salter and its customers as a result of our long-standing licensing arrangement and we look forward to growing the brand further both in the UK and internationally in the coming years.”
Under the ownership of FKA for the last 17 years, Salter has been a key part of the company’s European business. However, after a strategic review, the group has decided to move out of the housewares sector and focus on HoMedics (health and wellness brand), Revamp (haircare brand) and House of Marley (consumer electronics brand).
Alon Kaufman, chief executive officer of FKA Brands stated: “The Salter acquisition back in 2004 allowed FKA to establish a major foothold in the European retail marketplace. The sale of Salter aligns with our current strategy to continue to focus on our core group of products while divesting non-global assets.”
Prior to the completion of the sale next month, it will be ‘business as usual’ for both FKA Brands and Salter.
Top: Salter’s market leading kitchen scales will be part of Ultimate Product’s portfolio after the brand’s acquisition.
